CDLHT posts solid full-year results

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CDL Hospitality Trusts (CDLHT) has posted a full-year gross revenue of S$141.1 million, up 15.4 percent from a year ago, with net property income surging 17.5 percent to S$135.2 million.

This was mainly attributed to strong performance in its Singapore hotel assets, fuelled by growth in visitor arrivals as well as higher revenue per available room (RevPAR), which rose six percent year-on-year to S$205 in Q4.

The group also posted distribution per stapled security of 2.94 cents for the fourth quarter, up 5.8 percent over the same period last year.

In terms of Q4 results, gross revenue climbed 13.4 percent to S$37.8 million, attributed to improved hospitality performance across its portfolio as well higher contribution from Singapore’s Studio M Hotel (pictured) which was acquired in May 2011.

Net property income for the quarter also climbed 12.7 percent to S$35.5 million.

Meanwhile, CDLHT said it will continue to look for acquisition opportunities in Asia Pacific markets.

“Singapore still remains our favourite market in terms of visibility and prospects,” said Vincent Yeo, Chief Executive of M&C Reit Management, the manager of CDLHT.

Last year, the trust completed the refurbishment works on the 331-room Claymore Wing of Orchard Hotel and completed the upgrading of all the rooms at Novotel Clarke Quay last month.

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