CDL Hospitality Trust's NPI dipped 3.3% to $141.16m in 2019

It saw full-quarter contributions from its rebranded Raffles Maldives Meradhoo.

CDL Hospitality Trust's (CDLHT) net property income (NPI) declined 3.3% YoY to $141.16m in FY 2019, the company announced. Revenue fell 2.4% to $196.87m over the same period.

In Q4, NPI dipped 1.2% YoY to $37.97m, whilst revenue climbed 3.2% to $53.98m. Full-quarter contributions from the rebranded Raffles Maldives Meradhoo resort ($2.6m) and the Italy Hotel ($300,000), as well as higher contribution from its Singapore hotels ($1.2m), boosted the total portfolio income.

However, revenue growth was offset by lower contribution from the rest of the group’s properties, which posted a collective YoY decline of $2.4m, largely from the expected reduced income from Pullman Hotel Munich.

Also read: CDL Hospitality Trusts' NPI down 1.5% to $35.67m in Q3

The trust’s Singapore hotels saw its revenue per available room (RevPAR) grow 5.1% YoY for the quarter, its strongest since 2012.

Meanwhile, in Maldives, Angsana Velavaru’s RevPAR slipped 18.6%. Raffles Maldives Meradhoo also recorded its first full trading quarter since the official opening on 22 September.

Its hotels in New Zealand and Italy posted a marginal RevPAR growth of 0.5% and 2.6%, respectively. However, RevPAR declines were recorded for its hotels in Japan (14.4%), UK (3.7%) and Germany (10.2%).

CDLHT’s total distribution edged up 0.6% to $33.6m for the quarter, translating to a relatively unchanged DPS of 2.77 cents.