CapitaLand Ascott Trust same-store performance rises 4% in Q3

Portfolio occupancy stood at 84% with RevPAU of $164.

CapitaLand Ascott Trust (CLAS) reported a 4% year-on-year (YoY) increase in same-store operating performance in the third quarter, excluding acquisitions, divestments, and The Cavendish London.

For the three months ended 30 September, income from new acquisitions was offset by the closure of The Cavendish London for renovation, as well as other refurbishment works and divestments.

Excluding The Cavendish, the report showed stable gross profit. Portfolio revenue per available unit (RevPAU) was $164, with occupancy at 84%.

The trust's US hotel portfolio recorded the strongest RevPAU growth amongst the markets reported, up 12% to $370 (US$289), supported by major events and the renovated Sheraton Tribeca New York Hotel.

US Student accommodation occupancy reached about 98% for the 2026–2027 academic year, up from about 88% in the 2025–2026 academic year.

Singapore RevPAU remained at $197, whilst same-store RevPAU fell 4% due to the repositioning of lyf one-north as a long-stay property. Actual RevPAU was affected by the divestment of The Robertson House.

CLAS sold The Robertson House by The Crest Collection for $360m, 4% above book value, recording a net gain of about $37m.

It subsequently acquired the 212-room Coliwoo Midtown in Singapore for $134m, funded by the sale proceeds.

$1 = US$0.78

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