COMMERCIAL PROPERTY | Staff Reporter, Singapore

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. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.