CDL Hospitality Trusts (CDLHT) posted a 54.4% increase or S$11.1 million in net property income (NPI) to S$31.6 million for 3Q 2022. Gross revenue rose 46.4% yoy to S$58.5 million for 3Q 2022, out of which S$31.8 million was contributed by its Singapore Hotels. The improvements reflect the overall robust growth in global travel as border restrictions eased post-pandemic.
The increased NPI contribution arose mainly from the Singapore and Australia properties, which increased collectively by S$15.4 million yoy for 3Q 2022. This was however offset by lower NPI from the New Zealand Hotel, which declined by S$4.7 million yoy for 3Q 2022 following its exit from the government isolation programme.
The Singapore hotels benefitted from a strong return in events in September 2022. Yielding strategies reflective of the compression in the city propelled the Singapore hotels to record the highest ADR and RevPAR for a single month in September and for the reporting quarter. With the exception of the government contracted hotel, the remaining five hotels achieved RevPAR levels exceeding that of 3Q 2019.
The Perth Hotels achieved a collective RevPAR of A$109, after coming off a low base of A$33 last year when performance was impacted by strict travel restrictions into Western Australia. Collectively, the Perth Hotels posted an NPI increase of S$1.7 million yoy to achieve an NPI of S$1.4 million for 3Q 2022.
In the UK, Hilton Cambridge City Centre and The Lowry Hotel recorded a collective RevPAR growth of 24.9% to £146 in 3Q 2022 compared to £117 in 3Q 2021, and the highest recorded RevPAR of £163 for July 2022.
Hotel Cerretani Firenze reported a RevPAR of €194 for 3Q 2022, the highest recorded RevPAR in any third quarter since acquisition, up from a low base of €56 for 3Q 2021.
