CDLHT FY2025: Portfolio Value S$3.4B, DPS -9.8% on W Hotel Refurb Drag, Perth Hotels Surge +24.9%

CDL Hospitality Trusts (CDLHT) FY2025 (year ended 31 Dec 2025) delivered mixed results — headline DPS fell 9.8% to 4.80 cents, dragged by major refurbishments at W Singapore – Sentosa Cove and Grand Millennium Auckland, but the portfolio's underlying quality stepped up materially with both assets now renovation-complete and re-entering the market. Portfolio value rose +0.8% to S$3.4B.

• ▸W Singapore – Sentosa Cove: The standout drag for FY2025. Multi-year refurbishment ran through the year (13,179 room-nights OOO). NPI fell 42.7% YoY to S$6.3M. Valuation paradoxically rose +6.6% to S$354.0M, reflecting the market's forward view on the post-refurb asset.
• ▸Grand Millennium Auckland: Second phase room enhancement works (Apr–Dec 2025) compounded by a weaker NZD. NPI down 22.0% YoY. In local currency terms, the decline was only 2.3% — a more representative read of underlying performance. Now renovation-complete and positioned for the NZ tourism recovery.
• ▸Perth Hotels (Mercure + Ibis): Standout FY2025 performers. RevPAR up +24.9% YoY following the return of renovated Ibis Perth rooms in early 2025. Combined NPI up significantly — Ibis NPI +71.6%.
• ▸Japan Hotels: Record RevPAR year. Hotel MyStays Asakusabashi and Kamata achieved record ADR and RevPAR of ¥11,613 (+8.7%). Combined NPI up 7.2% in SGD.
• ▸The Halcyon Maldives: Rebranded from Raffles Maldives Meradhoo in Nov 2025. Transition costs, intensified competition from new luxury resorts, and reduced flight connectivity drove RevPAR down 33.7%. NPI negative at -S$3.6M.
• ▸UK Living Assets (The Castings BTR + Benson Yard PBSA): First full-year contribution from both. Combined NPI S$8.2M — a new, diversified income stream that now represents 6.3% of total NPI.
• ▸Pullman Hotel Munich + Hotel Cerretani Firenze: Both under pressure — Munich NPI -24.6% (higher opex, weaker EUR), Florence NPI -36.0%.

Overall SG RevPAR S$182 (-6.2%) off a high base (Taylor Swift / Coldplay events in 1H 2024). Claymore Connect was a bright spot: NPI +5.5% on stronger rental renewals.

CDLHT's FY2025 DPS decline is largely a timing story, not a structural one. W Hotel and Auckland are through their renovation cycles and better positioned for 2026 and beyond. The living assets (BTR + PBSA) are maturing as a stable income source. Near-term risk: The Halcyon Maldives NPI drag, weaker European performance, and macro uncertainty from the Middle East conflict flagged by management in April 2026.