CDL Hospitality Trusts’ net property income up 6% to $38.6m in Q4

On back of bigger contributions from its Maldives resorts.

CDL Hospitality Trusts today reported that its net property income increased 6% year-on-year to $38.6m in Q4, driven by increases of $1.3 million for its two Maldives resorts.

On a full-year basis, CDLHT’s net property income grew 2.3% to $140.5m in FY14 from $137.4 last year.

CDLHT also reported that its Singapore hotels achieved record high fourth-quarter and annual occupancy of 90.0% and 89.1% in FY 2014 respectively.

The group also made its maiden entry into Japan’s hospitality market with the acquisition of two hotels for a total of $63.8 million. Contribution from these properties will only be recognised from 1Q 2015 onwards.