The decline in CDLHT’s Australian portfolio was attributed to the weaker demand during this low season period.
The strong y-o-y improvement comes on the back of a continued recovery in international travel. The trust saw revenue per available room (RevPAR) growth across most of its portfolio markets, with seven hotels having achieved their highest 3Q RevPAR.
In Singapore, CDLHT’s hotels achieved an average occupancy rate of 86.9%, down 1.2 percentage points y-o-y. The trust had conducted asset enhancement exercises in stages at Grand Copthorne Waterfront Hotel and W Hotel. CDLHT’s average daily rate (ADR) for its Singapore portfolio rose by 21.4% y-o-y to $274. RevPAR rose by 19.9% y-o-y to $238.
In New Zealand, RevPAR surged by 80.6% y-o-y to NZ$128 ($102.12).
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RevPAR in Australia fell by 7.1% y-o-y to A$101 ($87.62).
Japan’s RevPAR surged by 102% y-o-y to 8,375 yen ($76.25).
In the Maldives, RevPAR rose by 17.7% y-o-y to US$222 ($303.98).
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The UK’s RevPAR rose by 6.5% y-o-y to GBP155 ($257.49).
In Germany, RevPAR fell by 5.4% y-o-y to EUR122 ($176.42) due to a boost in demand for the European Championships in the 3QFY2022.
Italy’s RevPAR surged by 40.4% y-o-y to EUR273.
For the 9MFY2023, CDLHT’s total revenue grew by 20.4% y-o-y to $189.3 million.
9MFY2023 NPI rose by 23.3% y-o-y to $101.9 million.
As at Sept 30, CDLHT’s gearing stood at 38.4%, up from 36.6% as at Dec 31, 2022. Its interest coverage ratio (ICR) stood at 2.9x, lower than the 3.7x as at Dec 31, 2022.
Units in CDLHT closed at 93.5 cents on Oct 26.
