CDL Hospitality Trusts Q1 NPI climbs 10.4% on strong SG and Europe performance

Singapore hotels led gains as Japan and Maldives weigh on regional performance.

CDL Hospitality Trusts reported net property income (NPI) of $33.1m for the first quarter ended 31 March, up 10.4% year on year (YoY), supported by stronger performance in Singapore and selected overseas markets with gross revenue increasing 5.9% to $67.1m over the same period.

Singapore hotels recorded a 5.9% rise in NPI, supported by higher occupancy and growth in revenue per available room (RevPAR), a 6.6% increase during the quarter. Claymore Connect posted 5.0% NPI growth driven by rental escalations.

New Zealand NPI rose 46.1% YoY, supported by convention-related demand and post-renovation improvements whilst Australia posted a 151.9% increase, reflecting stronger RevPAR and event activity, according to the company’s investment disclosure.

In Europe, Germany NPI rose 24.5%, whilst Italy more than doubled, supported by prior-year base effects and lower costs.

The UK portfolio showed mixed performance. Hotel NPI fell 13.6% due to higher payroll costs and business rates, but total UK NPI rose 17.5% when including living assets. The Castings and Benson Yard contributed $1.1m in combined NPI growth.

Japan NPI declined 10.3% amidst softer inbound demand and currency impacts, whilst the Maldives fell 26.3% due to weaker March performance and higher operating costs.

The group said Singapore hotel RevPAR growth was supported by higher occupancy and events-led demand, including the Singapore Airshow 2026.

Gearing stood at 35.3% as at 31 March 2026, with cash reserves of $78.5m. The group also increased its fixed-rate debt proportion to 66.9% during the quarter.

Follow the link for more news on

CDL Hospitality Trusts

Financial Statements

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. 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