CDL Hospitality Trusts (CDLHT) has achieved a 5.5 percent increase in average occupancy rate to 91.6 percent in the third quarter for its Singapore hotels, attributed to the growth in strong visitor arrivals to the country.
CDLHT’s average daily rate jumped 23.4 percent, while room revenue per available room (RevPAR) for its Singapore hotels climbed 31.2 percent year-on-year to $199 in the third quarter.
Q3 gross revenue rose 38.4 percent year-on-year to $31.6 million, helped by the strong performance of its Singapore hotels, as well as the $4.3 million contributions from the Australian hotels it acquired in Q1.
Meanwhile, net property income surged 40.9 percent year-on-year to $30.16 million, while income available for distribution to stapled-security holders rose 44.6 percent to $26.9 million. However, CDLHT is retaining $2.694 million working capital to finance refurbishment and other capital expenditures.
CDLHT owns five hotels in Singapore, which include Grand Copthorne Waterfront, M hotel, Copthorne King’s, Novotel Clarke Quay and Orchard hotel, as well as the Orchard Hotel Shopping Arcade. It also owns five hotels in Perth and Brisbane, and the Rendezvous Hotel Auckland.
Gross revenue increased 35.6 percent year-on-year to $88.95 million in the first nine months of the year, while income available for distribution, excluding income retained for working capital, jumped 32.6 percent to $65.4 million.
“CDLHT continued to experience strong demand in the third quarter for its Singapore hotels. The high occupancies achieved on weekdays were complemented with incremental demand emerging from leisure travellers drawn to Singapore during the weekends. We are pleased to achieve a record high occupancy of 91.6 percent in 3Q 2010, the highest ever recorded in a quarter since the inception of CDLHT despite significant hotel room inventory increases. Strong rate growth was also achieved compared to the previous year. We remain positive about Singapore’s tourism prospects,” said Mr. Vincent Yeo, manager of H-REIT and CEO of M&C REIT Management Limited.