CDL Hospitality Trusts sees 34.8% rise in Q3 net property income

The improved NPI contribution was mainly from its New Zealand, UK, Germany and Italy hotels and from Angsana Velavaru (pictured) in the Maldives. PHOTO: ANGSANA VELAVARU

SINGAPORE (THE BUSINESS TIMES) - CDL Hospitality Trusts (CDLHT) saw a 34.8 per cent rise in net property income (NPI) to $20.5 million for the third quarter ended Sept 30, from $15.2 million the year before.

The managers noted that the improved NPI contribution was mainly from its New Zealand, Britain, Germany and Italy hotels, and from Angsana Velavaru resort in the Maldives. The increase, however, was offset by lower NPI from the stapled group's Singapore and Australia hotels, which declined by $3.4 million year on year for Q3.

Meanwhile, gross revenue increased by 32.8 per cent to $40 million. The stapled group's Singapore, New Zealand, Britain hotels and Maldives resorts contributed $33.8 million, including $9.3 million of fixed rent.

The improved performance reflects ongoing recovery from the Covid-19 pandemic, the managers said in a press statement on Friday (Oct 29).

"While the pace of recovery varies between regions, there is a discernible pattern of leisure demand leading the recovery with corporate demand being cautious," the managers said.

Revenue per available room (RevPAR) for CDLHT's five Singapore hotels dropped 5.6 per cent to $61 from $64, declining collectively for the Singapore cluster except for W Hotel - which has been buoyed by healthy staycation demand.

W Hotel, which is located in Sentosa, continued to serve as the closest proxy to overseas travel that local residents could enjoy, the managers said.

CDLHT's weighted average debt to maturity stood at two years as at Sept 30, 2021. Liquidity "remains robust" with cash reserves of about $130 million and approximately $231.4 million of committed revolving credit facilities available for drawdown.

The stapled group also has $368.6 million in short-term uncommitted bridge loan facilities available for acquisitions, the managers said.

It pays out distributions on a semi-annual basis, with the amount calculated as at June 30 and Dec 31 each year.

CDLHT's stapled securities were trading up one cent, or 0.8 per cent, at $1.21 at 9.22am on Friday.

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