CDL Hospitality Trusts Q3 NPI falls 5.6% to S$34.3 million
Revenue for the quarter is up 2.5% on the year at S$69.2 million
[SINGAPORE] Net property income (NPI) for CDL Hospitality Trusts (CDLHT) fell 5.6 per cent to S$34.3 million for the third quarter ended Sep 30, from S$36.3 million in the year-ago period.
Revenue rose 2.5 cent to S$69.2 million from S$67.5 million on the back of stronger contributions from the Australia and UK portfolios, the managers said on Thursday (Oct 30).
Revenue per available room (RevPAR) came in mixed across the stapled group’s portfolio. Its Singapore, Japan, New Zealand, Maldives, Germany and Italy markets logged declines, while its Australia and UK markets experienced growth.
The group’s core Singapore market NPI fell 8.1 per cent on the year to S$21.9 million from S$23.8 million. This came alongside lower RevPAR, which fell 5.9 per cent to S$201 from S$214. Occupancy for Singapore hotels was up 3.3 percentage points at 88.3 per cent for the quarter, from 84.9 per cent previously.
Singapore RevPAR was labelled as having a “creditable” performance, even as it was weighed down by the shift of the Formula 1 Singapore Grand Prix to October from September last year.
Additionally, the managers said W Singapore – Sentosa Cove’s performance was further affected by the resumption of room renovations in mid-August following a six-week pause.
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Its Japan, New Zealand, Maldives, Germany and Italy markets logged lower RevPAR and NPI.
The New Zealand market, comprising 5.1 per cent of CDLHT’s portfolio, was the biggest decliner and fell 61.4 per cent in terms of NPI. RevPAR fell 10.7 per cent to NZ$95 (S$71) from NZ$106 in Q3 2024 due to a higher volume of refurbishment works.
Hotels in the stapled group’s Australia and UK markets recorded RevPAR and NPI growth in local currency.
The UK market, which makes up the largest share of CDLHT’s portfolio after Singapore, recorded 4.4 per cent higher hotels RevPAR at £152 (S$260) and 8.6 per cent NPI growth across its hotel business.
As at Sep 30, 2025, CDLHT’s gearing stood at 42.4 per cent. Its interest coverage ratio was 2.1 times and its weighted average cost of debt was 3.4 per cent.
Outlook
The managers said that trading conditions are expected to stay competitive, given the number of new hotel openings over the last few years. This is despite Singapore’s supply pipeline remaining limited for the remainder of 2025 and 2026.
CDLHT’s core market of Singapore is “strengthening its position as an attractive destination with a compelling value proposition”.
The managers cited the government’s Tourism 2040 road map, which aims to treble meetings, incentives, conventions and exhibitions (Mice) tourism receipt.
They said that efforts to build a “robust pipeline of Mice events”, expand Mice infrastructure and enhance business-leisure offerings will “reinforce Singapore’s status as the premier destination for business travel and events”.
Stapled securities of CDLHT closed 2.4 per cent or S$0.02 lower at S$0.82 on Thursday.
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