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CDL Hospitality REIT Records 45.1% Drop In Full Year 2020 DPS

CDL Hospitality REIT Records 45.1% Drop In Full Year 2020 DPS

January 29, 2021 – CDL Hospitality REIT announced a full year distribution per stapled security of 4.95 Singapore cents for the full year of 2020, 45.1% lower than the 9.02 Singapore cents in the previous year.

The REIT said the unprecedented COVID-19 pandemic continued to have a profound impact on the Group’s overall performance. With the exception of five of its Singapore Hotels and the New Zealand Hotel, which were supported by demand for accommodation facilities used for isolation purposes, most of the their hotels were operating at mid to low occupancies.

Mr. Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “The COVID-19 pandemic resulted in the worst crisis in the history of international tourism and travel. With the varying levels of success experienced by various countries in containing the virus, the recovery trajectory remains uncertain. We have been navigating the crisis by working with our operators and lessees to secure alternative revenue channels to safeguard the top line and implemented tight costs control measures to protect the bottom line.

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