- CDL Hospitality Trusts posted a mixed set of results for 1QFY25. Gross revenue fell 2.8% y-o-y to S$63.4mil, with topline softness reflecting weaker portfolio performance, weighed down by declines in Singapore and the Maldives, which offset contributions from the UK’s acquisitions and strong operational ramp up at The Castings (the UK, built-to-rent), and the impact of event timing and asset works.
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Normalisation of SG RevPAR as we write off the high Taylor Swift concert base in 1Q24.
- CDL Hospitality Trusts’s Singapore portfolio saw a 16% y-o-y RevPAR drop in 1QFY25. The decline was within expectations after the high base on a strong concert quarter a year ago.
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- Management revised its full-year RevPAR guidance to flat or negative, with near-term support from a decent 1H25 MICE calendar in SG (Lady Gaga Concerts and World Aquatic Championships) and the completion of Perth Ibis' AEI set to contribute from 2Q25.
- W Singapore’s occupancy is expected to remain capped at ~78% for FY25 due to continued renovation works.
Maiden contributions from UK acquisitions; Indigo Hotel Exeter (Nov ’24) and Benson Yard (Dec ’24).
- Read more at SGinvestors.io.
