Lowry Hotel Boosts CDL Hospitality Trust's 2Q Result; Underlying Trends Unchanged
The addition of the Lowry Hotel in Manchester provided a boost to CDL Hospitality Trust’s second-quarter result while the rest of the result was largely in line with previous quarters. Distributable income was SGD 0.0223 per unit for the quarter, and below the same period last year due to the impact of the rights issue. Our long-term view is unchanged and the trust is trading in line with our SGD 1.60 fair value. As previously noted, we expect the trust's operation in Singapore to be pressured b...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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