The sale price of the 336-unit hotel translates to an exit Ebitda yield of 2.3%, and CLAS will recognise a net gain of some $38.1 million from net proceeds of $341.7 million.
The transaction is expected to be completed in 3Q2026.
On a pro forma basis, had the divestment been completed on Jan 1, 2025, FY2025 distribution per stapled security (DPS) would have been 3.1% lower at 5.91 cents, while net asset value (NAV) per stapled security would remain unchanged at 1.17 Singapore cents.
CLAS says net proceeds from the divestment may be deployed for investment in higher-yielding assets, to fund asset enhancement initiatives (AEIs), to repay higher-interest debt, and/or for general corporate purposes.
See also: CapitaLand Ascott Trust to divest The Robertson House for $360 million
“The divestment of The Robertson House by The Crest Collection at an attractive price of close to $1.1 million per key underscores CLAS’s disciplined approach to portfolio reconstitution,” says Serena Teo, CEO of the managers.
Formerly the Riverside Hotel Robertson Quay, the hotel was rebranded as The Robertson House by The Crest Collection in October 2023 after a seven-month refurbishment.
The hotel’s all-day dining restaurant Entrepôt is the first project by chef Nixon Low, who joined Ascott as its culinary and beverage operations director in May 2023 from the Tung Lok Group.
See also: Average daily room rate at CDLHT’s upcoming Moxy Singapore Clarke Quay to ‘stabilise’ at $250
Post-divestment, CLAS will have four lodging properties in Singapore. Three properties — Ascott Orchard Singapore, lyf one-north Singapore and lyf Funan Singapore — are operational.
The fourth property, Somerset Clarke Quay Singapore, is currently under redevelopment. Formerly Somerset Liang Court Singapore, the 192-unit serviced residence with a hotel licence is on track to complete around end-2026 and is expected to begin contributing income progressively from early 2027, according to CLAS.
Somerset Clarke Quay Singapore will form part of the CanningHill Piers integrated development, alongside the 475-key Moxy Singapore Clarke Quay (owned by CDL Hospitality Trusts) and the 696-unit joint residential development by CapitaLand Development and City Developments.
In addition to the redevelopment of Somerset Clarke Quay Singapore, CLAS has four properties undergoing AEIs in 2026 and 2027. These properties are Citadines Place d’Italie Paris in France, The Cavendish London in the UK, Sotetsu Grand Fresa Osaka-Namba in Japan, and Sheraton Tribeca New York Hotel in the US.
CLAS says the AEIs will enhance the assets’ positioning to better capture lodging demand and uplift their value.
CLAS is Asia-Pacific’s largest lodging trust, with 106 hotels, serviced residences, rental housing and student accommodation across 45 cities in 16 countries as at March 31.
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Singapore remains a key market for CLAS, says OCBC’s Lim in her May 29 report. “Barring a significant deterioration in the macroeconomic outlook, in part due to the Middle East conflict, we remain constructive on the Singapore hospitality sector, which we think will be supported by growing international arrivals and tourist receipts.”
Accounting for the divestment, Lim trims her FY2026 and FY2027 DPS projections by 0.1% each.
Lim likes CLAS’s exposure to the living sector — including student accommodation in the US and rental housing in Japan — where demand is “less likely to be affected by any weakening in the global macroeconomic outlook”. “We also see CLAS’s ongoing portfolio rejuvenation as a positive for long-term growth and sustainability.”
CLAS offers a total returns potential of 13%, according to Lim, based on its May 28 close price of 89.5 cents.
CLAS stapled securities closed flat at 90 cents on May 29 following the announcement, but are down some 6.8% year to date.
