CDLHT's 1HFY2026 DPS rises 8.6% y-o-y to 2.15 cents

Jovi Ho

Jul 30

The 475-room Moxy Singapore Clarke Quay hotel is expected to obtain its TOP in late 2026 and begin operating in 1H2027, lifting CDLHT's Singapore room count to 3,030 keys.CDL Hospitality Trusts (CDLHT...

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NPI grew 1.8% y-o-y to $59.7 million in 1HFY2026, \"lifted mainly by higher earnings from the UK portfolio, Grand Millennium Auckland and the Perth Hotels\". \nTotal distribution to stapled securityholders after retention, or capital distribution from overseas properties arising from operating cashflows, rose 9.7% y-o-y to $27.5 million in 1HFY2026. \nInterest costs for 1HFY2026 fell 31.9% y-o-y, or $7.7 million. Interest savings arose mainly from the repayment of higher-cost borrowings using proceeds from the $250.0 million of perpetual securities issued in November 2025 and February 2026, as well as the decline in interest rates from the levels seen in 1HFY2025. \nAfter factoring in distributions to perpetual securities holders, funding costs declined 14.5%, or $3.5 million, y-o-y. \nCDLHT also entered into $163.6 million of additional interest rate swaps during the period to partially hedge its Singapore dollar-denominated borrowings as part of ongoing efforts to manage interest rate exposure. \n\nVincent Yeo, CEO of CDLHT's managers, says: \"While the protracted conflict in Iran continues to weigh on global travel, business at most of our hotels has held up relatively well. Meanwhile, lower interest rates in the first half, coupled with our capital management initiatives, yielded meaningful savings in funding costs, and we expect further funding cost savings in 2H2026 compared to the same period last year, following the retirement of higher-cost borrowings in earlier quarters.\"\nSingapore is the largest market represented in CDLHT's portfolio, with six hotels and one retail mall. \nFor 1HFY2026, revenue per available room (RevPAR) for CDLHT's Singapore hotels rose 4.1% y-o-y to $172. For 2QFY2026, RevPAR grew 1.3% y-o-y to $160. \nThe average occupancy rate for CDLHT's Singapore hotels rose 3.5 percentage points (ppts) to 76.7% in 1HFY2026. \nOrchard retail mall Claymore Connect's NPI improved 6.8% y-o-y, largely on rental escalations under existing leases, and committed occupancy stood at 97.7% as at June 30. \nRenovation of all guestrooms at M Hotel commenced in May, with completion targeted for 3Q2027. \nThe refurbishment of guestrooms in the main wing at Copthorne King's Hotel will begin in 4Q2026. \nBoth projects are phased to minimise operational disruption, says CDLHT and the asset enhancement initiatives will sharpen the competitive positioning of the portfolio post completion. \nLocated on the site of the former Liang Court, the 475-room Moxy Singapore Clarke Quay lifestyle hotel is expected to obtain its Temporary Occupation Permit in late 2026 and commence operations in 1H2027, lifting CDLHT's Singapore room count from 2,555 to 3,030 keys.\n\nThe UK is CDLHT's next-largest market in its portfolio, where it owns four hotels and two living assets: a Build-to-Rent (BTR) property - The Castings - in Manchester and a purpose-built student accommodation (PBSA) - Benson Yard - in Liverpool. \nIn the UK, combined RevPAR for Hilton Cambridge City Centre, The Lowry Hotel and Hotel Indigo Exeter rose 2.3% y-o-y on firmer corporate and leisure demand, while Voco Manchester - City Centre added $0.1 million to NPI following its annual upward rent review. \nOverall, NPI for the UK hotels was flat y-o-y, as higher business rates, a significant portion of which related to one-off prior-period adjustments, offset the stronger trading environment, says CDLHT. \nAs part of ongoing asset management initiatives, there are plans for Hilton Cambridge City Centre to undergo a full property renovation encompassing all 198 guestrooms, F&B outlets and public areas. Scheduled to commence in 4Q2026, CDLHT expects the renovation to elevate the hotel's competitive standing within the Cambridge market. \nMeanwhile, the Manchester BTR achieved an average month-end occupancy of 90.9% for 1HFY2026, with NPI more than doubling (up $1.8 million y-o-y) as the property moved past its initial lease-up phase. \nBenson Yard, the PBSA in Liverpool, recorded a committed occupancy of 94.3% for the academic year 2025/2026. \nTogether, CDLHT's UK living assets delivered a y-o-y increase of $1.9 million in NPI and, including the hotels, the UK portfolio's NPI grew 17.8% y-o-y. \n\nYeo says the ongoing and planned asset enhancement initiatives at M Hotel, Copthorne King's Hotel and Hilton Cambridge City Centre are expected to strengthen the competitive positioning of CDLHT's portfolio. \"The completion of the Moxy Singapore Clarke Quay acquisition in the first half of 2027 will deepen our presence in our core Singapore market. We will also continue to pursue capital recycling opportunities to unlock underlying asset values and enhance returns.\" \nThe manager will provide more details at a results briefing on July 30. \nCDLHT is trading flat at 80 cents on July 30, down some 5% year to date.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}