Capitaland Ascott Trust reports RevPAU up by 88%

An increase in occupancy and average daily rates boosted RevPAU.

Capitaland Ascott Trust saw its RevPAU (portfolio revenue per available unit) increase by 88% YoY due to higher occupancy and average daily rates (ADR).

Q3 2022 gross profit surged by 90% of third-quarter 2019 pro forma levels due to higher contributions from growth income sources, which comprised management contracts of serviced residences and hotels.

Excluding the contributions from the 8 properties, same-store gross profit rose 70% YoY. China and Singapore recorded the strongest QoQ growth of 28% and 27% respectively. Australia and USA continued to perform at close to pre-Covid levels

Stable income sources, including those from master leases, longer-stay properties, and management contracts with minimum guaranteed income contributed 56% of the gross profit in Q3.

Looking ahead, Capitaland said it expects to benefit from improving outlook for travel as well as increased demand for accommodation. It noted that travel bookings for Japan, which is a key market for the company, have fully reopened to foreign travellers.

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