CDL Hospitality rebrands Orchard Hotel Shopping Arcade as Claymore Link

Due for re-opening in 4Q14.

According to OSK, gearing at a low 29.7% affords tremendous gearing capacity for future acquisitions while on the AEI front, CDL Hospitality REIT has rebranded Orchard Hotel Shopping Arcade as Claymore Link.

Here's more:

Due for re-opening in 4Q14, this is expected to deliver ROI in excess of 8% with additional NLA increase of 10k sqft. However, in the absence of near term catalyst, we maintain our FY14F DPU estimate of 11.17cts (implied 1% growth and offers 7% yield) and our Neutral call on CDREIT.

CDL Hospitality REIT (CDREIT SP, Neutral, TP $1.63) reported a weak set of FY13 results with DPU of 10.97cents, dragged by poor hospitality figures from its Singapore portfolio (77% of AuM). Gross revenue and net property income came in -0.5% and -1.4% lower YoY. For the quarter, RevPar was $187 (-6% YoY) while FY13 RevPar was $191 (-6.8% YoY).

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