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.

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