CDL Hospitality Trusts posted a 24.4% increase in net property income in the first half to S$37m from S$29.7m in the same period last year.
CDLHT also noted that whilst there was contribution from W Hotel acquired in July last year for H1 2021, it was offset by the absence of contribution from Novotel Singapore Clarke Quay and Novotel Brisbane which were divested in July and October 2020, respectively. “Occupancies for the Singapore and New Zealand hotels were supported by demand for accommodation facilities use for isolation purposes, adding that the COVID-19 pandemic continues to impacts its performance in the period,” it said, adding that the COVID-19 continued to have an impact in its performance in the first half.
It said that the NPI increase of S$5.4m for the UK hotels and Raffles Maldives Meradhoo “did not contribute to a corresponding increase in distribution, as part of the increase was largely due to the low base effect attributed to losses in NPI recorded in H1 2020, coupled with expenses below NPI that have to be accounted for.”
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