CDL Hospitality Trust’s 4Q15 net property income dips 2.2% to $37.8m

On back of the flagging tourism industry.

CDL Hospitality Trust (CDLHT) closed the last quarter of 2015 with a 2.2% YoY dip in net property income to $37.8m from 4Q14’s $38.6m. For FY15, NPI slipped 2.5% $137m from FY14’s $140.5m.

According to a report by OCBC, CDLHT’s performance was hurt by sustained softness in the tourism industry, as its Singapore hotels’ revenue per available room sank 7% YoY to $172. This was in turn driven by a YoY fall in both occupancy (-3.5 percentage point to 86.5%) and average daily rate (-2.9% to $199).

Meanwhile, DPU dipped 3.8% to 3.01 S cents for 4Q15, and dropped 8.4% to 10.06 S cents for FY15.

Looking ahead, CDLHT continues to be wary on the outlook of its portfolio hotels given the uncertain macroeconomic environment.