CDL Hospitality Trusts (CDLHT) revenue for the quarter fell 8.8% to $50 million as compared to $54.8 million a year ago, as Dhevanafushi Maldives Luxury Resort suspended its operations since June this year for rebranding works. Singapore’s performance was notably affected by its Orchard Hotel’s asset enhancement exercise where ongoing refurbishment works affected income contribution. Excluding Orchard Hotel, RevPAR of CDLHT’s Singapore hotels nonetheless grew 1.3% y-o-y due to support from a stronger Chinese outbound leisure travel season and the presence of major city-wide events. Going forward, the manager expects strong supply growth to be supportive of a recovery in the Singapore hotel sector, while tourism demand and intl arrivals in the trust’s overseas markets continue to remain healthy. “Looking ahead, our core portfolio in Singapore is poised to benefit from the recovery in the hotel sector. We will continue to focus on executing asset enhancement opportunities to maximize the long term potential of our hotels,” says Vincent Yeo, CEO of managers of CDLHT.... Continue Reading