CDL Hospitality Trusts NPI up 43.7% YoY to $123.7m in 2022

It was mainly driven by the Singapore market and UK Hotels.

CDL Hospitality Trusts (CDLHT) posted a 43.7% year-on-year (YoY) growth in net property income in 2022 to reach $123.7m on the back of its Singapore portfolio and UK Hotels.

In a statement, the Group said the NPI from the Singapore portfolio and UK Hotels increased collectively by $43.4m YoY, including a $3.5m inorganic contribution from Hotel Brooklyn but was offset by the $11.2m YoY decline from New Zealand Hotel.

“Global travel recovered strongly beyond expectations in 2022, despite the absence of international travellers from China. In Singapore, our core market, robust demand materialised in the second half of the year, further boosted by the return of citywide events and conventions from September 2022,”  said Vincent Yeo, CEO of CDLHT’s manager. 

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“Our portfolio continued to benefit from the recovery, with the majority of our hotels achieving (revenue per available room) levels in 4Q 2022 exceeding that of 4Q 2019 pre-pandemic levels,” he added. 

The company’s revenue increased by 45.4% YoY to around $229.4m, whilst its total portfolio value rose by 6.2% or $163.7m to $2.8b, mainly driven by the Singapore portfolio, the inclusion of Hotel Brooklyn and the construction progress of The Castings.

On a same-store basis, excluding Hotel Brooklyn, the total portfolio value would have risen by 4.7% to $125m.