CDL Hospitality Trust’s Q3 NPI drops 6.8% YoY

Weaker performance in five markets, including Singapore, attributed to the drop.

CDL Hospitality Trust's net property income fell 6.8% YoY to $36.345m in Q3 2024, affected by weaker performance in five markets, including Singapore.

In Q3, Singapore's NPI fell 5.5% Yoy to $23.8m.

The business trust attributed the weaker performance of its Singapore market to lower occupancy, average daily rate (ADR), and revenue per available room (RevPAR).

Singapore's occupancy fell by 2.0 percentage points to 84.9%, whilst its ADR and RevPAR dropped by 8.2% to $252 and 10.3% to $214, respectively.

The other markets with lower NPI were New Zealand (32.9% YoY to $1.1m), Maldives (32.9% YoY to $389,000), the UK (1.8% YoY to $4.2m), and Italy (14.3% YoY to $1.5m).

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