SINGAPORE - CDL Hospitality Trusts reported an increase of 11.4 per cent year on year increase in net property income in the second quarter of 2017 to S$34.9 million, boosted by a strong performance from its hotels in New Zealand and the United Kingdom.
The Trusts, which comprise CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust, said the increase in NPI was underpinned by inorganic contribution from The Lowry Hotel in Manchester, as well as higher variable rental income from the robust underlying hotel performance in Auckland. There were also incremental contributions from the Singapore Hotels and Claymore Connect, the company said in a release on Friday (July 28).
However, the growth in NPI was partially offset by softer trading performance from the Japan Hotels and Maldives Resorts, as well as lower contribution from Hilton Cambridge City Centre due to the weakened pound and one-off expenses including the re-launch costs in relation to its newly repositioned restaurant.
Overall, total distribution to Stapled Securityholders (after retention for working capital) for Q2, increased 12.6 per cent year-on-year to S$24.9 million.