CDL Hospitality Trusts : J85 0% (CDLHT) posted a 23 per cent rise in distribution per stapled security of S$0.0251 for the first half ended Jun 30, from S$0.0204 in the year-ago corresponding period.

Vincent Yeo, chief executive of CDLHT’s managers, said strong leisure travel and the resumption of events have been key growth drivers across most geographical markets.

CDLHT’s revenue was up 20.9 per cent to S$119.2 million for the half-year period, from S$98.6 million in the year-ago period. Meanwhile, net property income grew 23.3 per cent year on year to S$62.9 million from S$51 million.

That brings the total income available for distribution, after retention for working capital, to S$31.2 million. This is 23.8 per cent higher than the S$25.2 million recorded in the same period last year.

The distribution will be paid out on Aug 29, after the CDLHT’s books are closed on Aug 7.

Revenue per available room (RevPAR) grew across most of CDLHT’s markets. Its Singapore properties booked a 45.8 per cent rise year on year in RevPAR to S$182, surpassing pre-pandemic levels.

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“Notably, 12 of our portfolio hotels have seen RevPAR in H1 2023 exceeding H1 2019 pre-pandemic levels, even though Chinese tourists have yet to return in full,” Yeo said.

The managers noted that overall performance “would have been much stronger” if Grand Copthorne Waterfront Hotel did not close its entire conference facilities for renovation from April to June this year.

The stapled group had also progressively removed close to 34,000 room nights from inventory for ongoing refurbishment works in H1 2023.

CDLHT’s gearing stood at 37.9 per cent as at Jun 30, implying debt headroom of about S$715.3 million, assuming a gearing limit of 50 per cent.

It also has S$63.8 million in cash reserves and S$585.2 million in credit facilities, the managers said.

The stapled group consists of CDL Hospitality Reit and CDL Hospitality Business Trust. Its counter closed 0.8 per cent or S$0.01 lower at S$1.18 on Friday.