- CDL Hospitality Trusts (SGX:J85) reported 1Q24 revenue and NPI growth of 7.3% and 6.8% y-o-y, respectively.
Occupancy led growth
- RevPAR grew across all CDL Hospitality Trusts's markets led by higher occupancy. However, higher operating expenses and adverse FX moves offset some of the growth.
- - Read this at SGinvestors.io -
- While the travel rebound is past its peak, slow recovery of transient corporate and Chinese demand hold promise.
Broad-based RevPAR growth
- RevPAR growth y-o-y ranged from flat to 33% with Japan, Singapore and Italy leading the metrics. The 16.5% growth in RevPAR in Singapore was led by 14%pt higher occupancy. However, room rates fell 3.5%.
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- Notwithstanding the RevPAR growth, NPI grew only for Japan, Italy, Singapore and marginally for the Maldives as higher operating cost, weaker FX and idiosyncratic factors weighed on margins.
- Robust concert calendar and a 30-day mutual visa-free agreement between China and Singapore helped boost year-to-date visitor arrivals to 93% of comparable 2019 figures.
Focus on funding
- Read more at SGinvestors.io.
