CDLHT Q2 distribution falls 8.1%

Singapore

HEATED competition in the hotel industry and a slowdown in visitor arrivals in Singapore, especially from China, dragged the earnings of CDL Hospitality Trusts (CDLHT), with second-quarter distribution per stapled security falling 8.1 per cent to 2.5 Singapore cents.

But there are signs of improvement in the third quarter as forward bookings for CDLHT's hotels are looking stronger, said Vincent Yeo, chief executive of M&C Reit Management Limited and M&C Business Trust Management Limited, the managers of CDLHT.