CDL Hospitality Trust

Re: CDL Hospitality Trust

Postby winston » Mon Jun 18, 2012 9:14 am

not vested

CDL Hospitality Trusts: Spectre of hotel room glut looms; Hold TP SGD1.94
Mkt Cap USD1.4b
ADTV USD2.0m

The prospect of a slowing economy in China and India, the unfolding of the Eurozone crisis and the US economy’s snail’s-pace recovery will no doubt impact tourism in Singapore.

We are expecting 14.2m tourist arrivals in 2012, up 8% from 13.2m in 2011. From 2011-2015, we believe that hotel room supply (measured in available room nights) will grow at a CAGR of 6.3%, outstripping hotel room demand of 5.9%.

The additional supply of hotel rooms will put a dampener on occupancy, which will peak at 90% in 2012F but ease to 84% in 2014F, according to our estimates.

In our view, the main trigger for CDREIT’s share price is overall average room rate (ARR) growth for the Singapore hotel segment (72% correlation).

We expect Singapore hotels to register 3.2% ARR CAGR (over FY11-FY15F), which should put a cap on CDREIT’s share price.

Reiterate HOLD with DDM-derived TP of SGD1.94.


Source: Kim Eng
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Re: CDL Hospitality Trust

Postby winston » Fri Jul 27, 2012 9:03 am

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CDL Hospitality Trusts said its second-quarter income distributed per stapled security rose 10.2 percent to 2.92 Singapore cents from a year earlier, boosted by a growth in revenue per available room for its Singapore hotels.


Source: Reuters
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Re: CDL Hospitality Trust

Postby winston » Wed Oct 31, 2012 5:58 am

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CDL Hospitality shares fall on poor Q3 results

SINGAPORE - CDL Hospitality Trusts dropped as much as 3.6 per cent to a four-week low after it posted weaker-than-expected quarterly results, as a weaker macroeconomic environment hurt Singapore's hospitality sector.

By 0356 GMT, units of CDL Hospitality, which owns hotels, were traded at S$1.995, on a volume of 5.7 million units, 4.8 times its average daily volume over the last five sessions.

CDL Hospitality Trusts, which owns hotels, said its distribution per unit for the third quarter was 2.72 Singapore cents, compared with 2.77 cents a year earlier, hurt by slightly lower revenue per available room for its Singapore hotels.

OCBC Investment Research said the results were below its expectations, due to a poor economic outlook hurting Singapore hotels and lower fixed rent contribution from its Australian hotels.

Source: Business Times
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Re: CDL Hospitality Trust

Postby winston » Mon Jan 07, 2013 9:11 am

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CDL Hospitality Trusts: Proposed acquisition of Maldives resort

Summary: CDLHT has announced the proposed acquisition of Angsana Velavaru in the Maldives from Banyan Tree (BT) for a total cost of US$72.4m.

BT will lease back the property for 10 years and the rent payment will be GOP less management fees per annum, subject to a minimum rent and reserve of US$6m.

Based on the pro forma annualised NPI for 9MCY12 of US$6.8m (after deducting outgoings of US$1.0m), as a percentage of the purchase price of US$71.0m, the NPI yield is 9.6%, versus the implied NPI yield of 6.0% for the existing portfolio.

The transaction is subject to approval from a Maldivian ministry, which is likely to take over two weeks.

Gearing post-acquisition will still be healthy at ~29%. Assuming the transaction is completed on 1 Feb, we raise our FV from S$1.91 to S$1.93 and maintain our HOLD rating on CDLHT.

Source: OCBC
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Re: CDL Hospitality Trust

Postby winston » Mon Jan 07, 2013 12:54 pm

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SINGAPORE-DBS upgrades CDL Hospitality to 'buy'

DBS Vickers upgraded CDL Hospitality Trusts to 'buy' from 'hold' and raised its target price to S$2.11 from S$2.01, citing benefits from its acquisition of a resort in Maldives.

By 0341 GMT, units of CDL Hospitality Trust were up 1.8 percent at S$1.98. The units have gained 5.3 percent since the start of the year, compared to the FTSE ST Real Estate Industrial Trust's <.FTFSTAS8670> 1 percent gain.

CDL Hospitality said it entered into an agreement with Banyan Tree Holdings Ltd to buy Angsana Velavaru in Maldives, which it will lease back to the operator for 10 years.

[ID:nSNZ786LvL] DBS said this will give the trust exposure to the robust growth in Maldives' hospitality market, supported by growing popularity among Chinese tourists.

"While this is different from its current portfolio of largely city-hotels, we believe that the merits of this deal overweigh potential risks," said DBS in a note.

The 10-year lease has rental payments pegged to gross operating profits and incentives motivates the operator to achieve the highest possible returns for the property, DBS said.


Source: Reuters
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Re: CDL Hospitality Trust

Postby winston » Wed Jan 30, 2013 9:00 am

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CDL Hospitality Trusts, which owns hotels, said its income to be distributed per stapled security for its fourth quarter slipped 1.4 percent to 2.90 Singapore cents, partly dragged down by higher expenses.

Source: Reuters
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Re: CDL Hospitality Trust

Postby behappyalways » Tue Nov 26, 2019 5:41 pm

CDL Hospitality Trusts to acquire Sentosa Cove hotel for $324 mil
https://www.theedgesingapore.com/capita ... el-324-mil
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Re: CDL Hospitality Trust

Postby behappyalways » Fri Jul 17, 2020 2:15 pm

CDL Hospitality Trusts completes divestment of Novotel for $375.9 mil
https://www.theedgesingapore.com/capita ... l-3759-mil
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Re: CDL Hospitality Trust

Postby behappyalways » Sat Oct 24, 2020 3:01 pm

CDL Hospitality Trusts divests Novotel Brisbane for $66.4 million
https://www.theedgesingapore.com/news/p ... 64-million
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Re: CDL Hospitality Trust

Postby behappyalways » Tue Feb 22, 2022 1:30 pm

CDL Hospitality Trusts makes accretive acquisition of Hotel Brooklyn in UK for $43.8 mil
https://www.theedgesingapore.com/news/r ... uk-438-mil
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