Collectively, revenue contributions from these properties fell by $6.7 million y-o-y, partially mitigated by a $0.5 million inorganic contribution from the Italy hotel acquired in Nov 2018, as well as higher contributions from Pullman Hotel Munich and the trust’s Japan hotels.
SINGAPORE (April 30): The managers of CDL Hospitality Trusts (CDL HT) – a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT) and CDL Hospitality Business Trust (HBT) – have declared a DPU of 2.09 cents for the 1Q ended March, down 3.7% from its 1Q18 DPU of 2.17 due to lower revenue.
Revenue for the quarter fell 10.6% to $46.3 million from $51.8 million in 1Q18 mainly attributed to reduced contribution from the trust’s Singapore, New Zealand, Australia and UK Hotels. This was exacerbated by the full closure of Dhevanafushi Maldives Luxury Resort since June last year for rebranding works.
