CDL Hospitality Trust boosts NPI by 6.8% amid rising RevPAR

In Singapore, RevPAR rose 16.6% YoY to $205.

CDL Hospitality Trust’s net property income (NPI) rose 6.8% YoY to $34.9m amidst growth in its revenue per available room (RevPAR) across all graphical markets.

In Singapore, RevPAR rose 16.6% YoY to $205, driven by a  14.2 percentage point increase in
occupancy.  

With improved RevPAR, the REIT’s Singapore business also saw a 12.8% or $2.3m YoY higher. 

“A volume strategy was adopted for the seasonally weaker quarter of the year for hotels in Singapore,” the REIT said.

“1Q24 saw the return of significant demand drivers from a robust concert calendar and a 30-day mutual visa exemption agreement between China and Singapore that commenced on 9 February. The earlier Easter commencement this year led to a tapering of demand during the last week of the quarter. Overall, during the first quarter, Singapore recorded 4.4 million visitor arrivals, an increase of 49.6% YoY. Visitor days rebounded to 94.7% of 1Q19’s level,” the REIT added.

Across all markets, Japan reported the biggest RevPAR growth, rising 32.5% to ¥10,014 ($86.90).

CDL Hospitality Trust attributed its overall RevPAR growth to increased occupancies.

The REIT’s overall RevPAR growth also drove its gross revenue to grow 7.3% YoY to $65.3m.