ACRO-HT Q1 NPI drops 13.9% to $4.5m as portfolio shrinks

Lower revenue and higher costs weighed on performance after asset divestments.

Acrophyte Hospitality Trust reported net property income (NPI) of $5.73m (USD4.5m) for the first quarter (Q1) ended 31 March, down 13.9% from a year earlier, according to its financial statement.

Gross revenue fell 2.6% to $41.52m (USD32.6m), driven mainly by a smaller portfolio following asset divestments, said the trust’s managers Acrophyte Hospitality Trust Management Pte Ltd and Acrophyte Hospitality Business Trust Management Pte Ltd.

They also cited operational disruptions from hotel management transitions, ongoing renovations, and weather-related impacts, alongside higher labour, insurance, energy, and commission costs.

The weaker quarterly performance followed FY2025 results, when ACRO-HT recorded a 16.3% decline in NPI to $59.69m (USD46.86m) and a drop in distributable income to $6.24m (USD4.9m) from $11.85m (USD9.3m) a year earlier.

For FY2025, gross revenue declined 6% to $255.14m (USD200.31m), whilst gross operating profit fell 10.4%. The trust attributed the performance to a 5.5% reduction in room inventory, renovation activity across seven hotels, and higher operating costs, including insurance and property taxes.

Same-store NPI fell 14.3% during the year, reflecting weaker operating efficiency.

The portfolio was reduced to 32 hotels and 4,188 rooms after asset sales, including Hyatt Place Detroit Auburn Hills.

Two additional properties, namely Hyatt Place Detroit Livonia and Hyatt Place Memphis Primacy Parkway, are under contract for $22.61m (USD17.75m) combined, with completion expected in Q1 2026.

As at 31 March, ACRO-HT held $29.56m (USD23.2m) in cash. The managers said proceeds from asset sales will be used for capital expenditure, debt reduction, renovations, and working capital.

CEO Lee Jin Yong said results were affected by portfolio reduction, renovation activity, and higher costs, while noting that US lodging demand improved in the quarter but operating conditions remain challenging.

($1.27 = USD1)

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