CDL Hospitality Trust's 3Q16 Result in Line; Underlying Conditions Remain Challenging
CDL Hospitality Real Estate Investment Trust's third-quarter result was largely in line with our expectations. The acquisition of the Cambridge Hotel last year provided a boost to quarterly revenue and net property income year on year, but revenue and net property income declined 4.1% and 3%, respectively, against last year excluding the new asset. The result does not change our view that near-term conditions will remain challenging for the trust. While the trust has diversified geographically, ...CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT) and its subsidiaries and CDL Hospitality Business Trust (HBT) and its subsidiaries. HBT is a business trust managed by M&C Business Trust Management Limited. The principal activity of H-REIT and its subsidiaries is to invest in income producing real estate and real estate related assets, which are used for hospitality and hospitality related purposes. As at Dec. 31, 2014, Co. had a portfolio of 4,709 hotel rooms in the Asia Pacific, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand, two resorts in Maldives and two hotels in Japan.
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