Thanks to improved performance from The Lowry Hotel and Pullman Hotel Munich.
CDL Hospitality Trusts' (CDLHT) impressed in Q4 as their net property income jumped by 7.8% YoY from $37.69m to $40.62m.
According to its financial statement, NPI was lifted by inorganic contribution of $6.8m from The Lowry Hotel and $2.5m from Pullman Hotel Munich.
The Singapore portfolio performance for Q4 remained stable despite the competitive trading environment.
New Zealand Hotel gave a lower contribution due to weakened currency and higher local property tax. Its Japan, Maldives, and Hilton Cambridge properties also delivered a softer trading performance.
Distributable income rose 9.8% YoY from $30.9m to $33.9m, whilst distribution per unit (DPU) dipped by 5.7% YoY from 3 cents to 2.83 cents.
After the right issue, DPU rose to 3.39 cents.
CDLHT said, "The Singapore hospitality market observed a strong supply materialisation in Q4 with the opening of seven new hotels." Its Singapore hotels recorded a modest improvement in revenue per available room (RevPAR) by 1.1% YoY.
Across its other geographical segments, RevPAR in the Maldives declined 13.2%, New Zealand grew 5.5%, Japan fell by 4.5%, UK increased by 2.7%, and Germany grew 3.5%.
Do you know more about this story? Contact us anonymously through this link.