- While CDL Hospitality Trusts’s room rates remain elevated in Singapore, demand moderated and occupancy eased 6.2ppt y-o-y to 79.3% in 4Q23. Recovery in 2024 remains intact with a pick-up in MICE events, a strong line-up of concerts, and Singapore’s 30-day visa-exemption arrangement with China.
- - Read this at SGinvestors.io -
- Residential build-to-rent project The Castings in the UK will start contributing in 2H24.
CDL Hospitality Trusts' 2H23 Results
- CDL Hospitality Trusts (SGX:J85) reported 2H23 DPU of 3.19 cents (-11.1% y-o-y), which is below our expectations of 3.61 cents.
Singapore: Occupancy moderation in 4Q23.
- CDL Hospitality Trusts’s Singapore hotels saw a moderation in demand in 4Q23, which pared down RevPAR growth to just 3.5% y-o-y in 2H23. Pent-up demand has started to normalise, while a resurgence of COVID-19 cases during November and December negatively affected leisure demand.
- - Read this at SGinvestors.io -
- On a same-store basis (excluding W Hotel), RevPAR was still 12% above pre-pandemic levels in 4Q23.
- CDL Hospitality Trusts benefitted from an industry-wide increase in average length of stay by 0.4 days to 3.8 days in 9M23, which is 12% above pre-pandemic levels. NPI from Singapore dropped 4.7% y-o-y in 2H23.
UK: Maintains steady growth.
- Read more at SGinvestors.io.
