CDL Hospitality Trusts' NPI up 15.9% to $40.4m in Q3

Thanks to contributions from new acquisitions and NPI growth from New Zealand.

CDL Hospitality Trusts' (CDLHT) net property income (NPI) went up 15.9% YoY to $40.4m.

According to OCBC Investment Research, the increase was mainly due to the inorganic contribution from The Lowry Hotel in Manchester, which was acquired 4 May 2017, and the Pullman Hotel Munich, which was acquired 14 Jul 2017. There was also a 56.1% YoY growth in NPI from New Zealand.

However, distribution per unit (DPU) dropped 3% YoY to 2.29 cents.

Singapore Hotel's revenue per available room (RevPAR) dropped 1.4% YoY.

The NPI in Singapore as a whole rose by 2.3% YoY though, as Claymore Connect's contributions went up 33.3% YoY.

A softer trading performance was observed for the Japan Hotels and Maldives Resorts, and NPI contributions from Hilton Cambridge City Centre were lower due to the weakened pound.