CDL Hospitality Trust’s net property income grew 35% YoY in Q1

The highest net property income (NPI) increase comes from Singapore.

The CDL Hospitality Trust (CDLHT) posted an NPI of $32.6m in Q1 2023, about 35% higher than $24.2m in Q1 2022.

The highest growth was from Singapore businesses with $19.5m which grew 82.5% YoY whilst New Zealand businesses posted a 44.6% decline with $2.7m in Q1 2023.

The debt maturity profile for documentation is currently in progress to refinance the $120m debt expiring in June 2023.

Ahead of the refinancing, CDLHT entered into an interest rate swap to partially hedge against the interest rate volatility

The Q1 2023 RevPAR growth YoY, is driven by the increase in occupancy and average rate.

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