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CDL Hospitality Trusts increased to $19.8million in the first quarter of 2021 from $19.6 million over the same period last year. Source: Millennium Hotels
CDL Hospitality Trusts (CDLHT) saw its net property income increase 1% to $19.8 million in the first quarter of 2021 from $19.6 million over the same period last year, reported Singapore Business Review (SBR).
The hike comes despite a sharp decline in revenue per available room (RevPAR) at hotels that are either temporarily closed or are operating at very low occupancies.
The group shared that the substantive contributions from its New Zealand, Maldives and Singapore hotels, which amounted to $27.6 million, including the $9.3 million fixed rent, helped to insulate it from the pandemic’s severe impact partially.
Singapore hotels (including W Hotel) saw their RevPAR drop 34.3% year-on-year, primarily due to lower average room rates. The group’s hotels in Germany and the UK posted the biggest decline in RevPAR at 86.6% and 87.6%, respectively.
Market demand for the group’s Singapore hotels mainly came from government contracts for isolation purposes.
“Four of CDLHT’s six Singapore Hotels continue to operate as facilities used for isolation purposes, and the demand for such facilities should continue to support the occupancy into 2Q 2021. For the other two hotels, staycation, project groups, essential foreign worker demand and travel arrangements will be the key to supporting occupancies,” said the group as quoted by SBR.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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