CDL Hospitality Trusts - CGS-CIMB Research 2023-10-30: More Even, Broad-based Recovery

CDL Hospitality Trusts - More Even, Broad-based Recovery

CDL Hospitality Trusts (SGX:J85) | SGinvestors.ioCDL Hospitality Trusts (SGX:J85)

Recovery driven by room rates and return of travellers

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  • 3Q RevPAR/NPI in New Zealand jumped 81%/5.2% y-o-y as the hotel was ramping up after the end of government block booking in Jun 22, although 9M23 NPI was lower due to six months of higher rates under the government contract in 2022.
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  • 3Q23 RevPAR in the Maldives and UK grew by 18% and 7%, respectively, while
  • Italy asset was the star performer, with 3Q RevPAR (+40% y-o-y) reaching 153% of 3Q19 levels.
  • The 3Q seasonal low in Australia resulted in a 7% y-o-y decline in 3Q RevPAR while,
  • 3Q RevPAR in Germany was 5% lower y-o-y as 3Q22 was boosted by the European Championships.

Singapore room rates to moderate in FY24F; focus is on occupancy

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Natalie ONG CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | 2023-10-30

Previous report by CGS-CIMB:
2023-07-31 CDL Hospitality Trusts - On Track For A Stellar 2H23.

Price targets by 2 other brokers at CDL Hospitality Trusts Target Prices.

Listing of research reports at CDL Hospitality Trusts Analyst Reports.

Relevant links:
CDL Hospitality Trusts Share Price History,
CDL Hospitality Trusts Announcements,
CDL Hospitality Trusts Dividends & Corporate Actions,
CDL Hospitality Trusts News Articles


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