News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

Photo from Envato Elements

Acrophyte Hospitality Trust’s NPI down 4.0% YoY in 9M 2024

The decline was attributed to recent divestments and asset enhancement initiatives.

Acrophyte Hospitality Trust, previously known as ARA US Hospitality Trust (ARA H-Trust), reported a 4.0% year-on-year (YoY) decline in net property income (NPI) for 9M 2024 to $45m (US$33.8m) from $47m (US$35.2m) a year ago.

Gross operating profit and gross revenue also fell 4.9% YoY to $61.6m (US$46.3m) and 3.9% YoY to $172m (US$129.4m), respectively.

The company reported a 69.1% occupancy rate, down 1.5 percentage points YoY. Portfolio also dropped 8.1% to 34 hotels following the divestment of three Hyatt Hotels.

Net proceeds from the divestments were used to repay debt and acquire Home2 Suites at Colorado Springs.

In addition, the company commenced asset enhancement initiatives (AEI) on six hotels in 2024, with four completed and two still underway.

The company said the AEIs disrupted operational performance and contributed to the gross revenue decline.

Follow the link for more news on

Financial Statements

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

AI keeps Singapore factories firing

Electronics climbed 35.8% as chemicals, biomedical, and transport engineering weakened.

2 days ago

JustCo brings ‘the boring office’ to CBD after SGX listing

The space is designed for start-ups, entrepreneurs, and SMEs.

Commercial Property

2 days ago

Airwallex raises $320m in Series H funding round

Airwallex plans to expand into new markets and scale its AI teams.

2 days ago

MAS launches new institute for AI and tokenisation adoption

The Future of Finance Institute will update toolkits.

2 days ago

Exclusives

Monday.com picks Singapore for Southeast Asia expansion

Its in-house designers created Singapore-inspired artwork in the company's colors.

2 days ago

Tsuklio targets dual-income families in Singapore expansion

The Japanese meal subscription platform logged 3,000 pre-registrations before launch.

Food & Beverage

3 days ago

Firms cut senior hiring costs with fractional executives

$Firms cut senior hiring costs with fractional executives$

Firms cut senior hiring costs with fractional executives

Companies report 50% to 70% lower costs than full-time senior hires.

HR & Education

4 days ago

Choosier Asia buyers steer auctions toward rare art

Collectors are bidding harder for works with clear ownership histories.

5 days ago

Event News

Co-Written / Partner Finweek KL 2026: Where European capital meets ASEAN scale

The premier EU–ASEAN institutional fintech summit brings 1,000+ delegates to PARKROYAL Collection Kuala Lumpur on 11 to 13 November 2026 for three days of cross-border deal-making.