Cdl Hospitality TR Stpld

What Cdl Hospitality TR Stpld does

CDL Hospitality Trusts is a Singapore Exchange-listed stapled security (SGX: J85), established in 2006 as Singapore's first hospitality Real Estate Investment Trust. It is composed of CDL Hospitality Real Estate Investment Trust (H-REIT) and M&C Business Trust (HBT), managed by M&C REIT Management Limited and M&C Business Trust Management Limited respectively, with DBS Trustee Limited acting as REIT trustee. The trust holds a portfolio of 18 hotel, hospitality, and complementary properties across 8 countries — Singapore (7), Australia (2), New Zealand (1), Maldives (2), Japan (2), United Kingdom (6, including build-to-rent and PBSA assets), Germany (1), and Italy (1). Properties are operated under long-term leases with international hospitality brands including Marriott International, Hilton, AccorHotels, Banyan Tree Holdings, and MyStays.

The trust generates revenue primarily through rental income from its hotel and hospitality portfolio, with performance driven by hotel occupancy rates, RevPAR, and lease structures. In Q1 2026, gross revenue reached S$67.1 million (up 5.9% year-on-year) and net property income was S$33.1 million (up 10.4% year-on-year), reversing five consecutive quarters of YoY declines. Singapore RevPAR rose 6.6% to S$184 with 80.4% occupancy. The trust distributes income to unitholders through semi-annual distributions per stapled security; FY2025 DPS was S$0.048 (down 9.8% YoY) due to higher financing costs and portfolio changes, while management projects 8% DPU growth for FY2026.

The business model is capital-markets driven: stapled securities are traded on SGX and accessible to global institutional and retail investors via brokers, while the trust's investor relations programme (AGMs, SGX announcements, IR website, email alerts) is the primary outreach channel. Strategic activity in 2024–2026 has shifted toward deepening UK exposure, adding build-to-rent (The Castings, Manchester) and Purpose-Built Student Accommodation (Benson Yard, Liverpool) verticals, and lowering the cost of capital — most recently by issuing S$100 million of subordinated perpetual securities at 4% (reducing the weighted average cost of debt from 4.4% to 3%) and committing to the S$475 million forward purchase of Moxy Singapore Clarke Quay with completion targeted by end-2026.

Name

Cdl Hospitality TR Stpld

Legal name

CDL Hospitality Trusts

Website

https://cdlht.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Singapore-listed stapled hospitality trust (SGX: J85) holding 18 hotel, build-to-rent, and student accommodation assets across 8 countries, distributing rental income to stapled security holders via semi-annual distributions.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Others, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Hospitality Property Income: CDL Hospitality Trusts generates revenue primarily through rental income from its portfolio of 18 hotel and resort properties across 8 countries. Revenue is driven by hotel occupancy rates, RevPAR (Revenue per Available Room), and long-term lease agreements with hotel operators.
2. Distribution to Stapled Security Holders: The trust distributes income to investors through bi-annual distributions per stapled security (DPS), derived from net property income generated by hotel operations and lease rentals.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

CDL Hospitality Trusts is a Singapore-listed stapled security combining CDL Hospitality Real Estate Investment Trust (H-REIT) and CDL Hospitality Business Trust (HBT). The trust owns and manages a portfolio of 24 hotel, resort, and hospitality-related real estate assets across 8 countries, generating rental income from hotel operators and lease tenants. Income is distributed to unitholders as semi-annual distributions per stapled security (DPS).

Product overview

CDL Hospitality Trusts is a Singapore Exchange-listed stapled security composed of CDL Hospitality Real Estate Investment Trust (H-REIT) and M&C Business Trust (HBT). The trust operates a geographically diversified portfolio of 24 hotel, hospitality, and complementary properties across 8 countries: Singapore (7 properties including Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel, Studio M Hotel, W Singapore - Sentosa Cove, Claymore Connect, and Novotel Singapore Clarke Quay), Australia (2 properties: Mercure Perth and Ibis Perth), New Zealand (1 property: Grand Millennium Auckland), the Maldives (2 properties: Angsana Velavaru and The Halcyon Private Isles Maldives, Autograph Collection), Japan (2 properties: Hotel MyStays Asakusabashi and Hotel MyStays Kamata), United Kingdom (6 properties: Hilton Cambridge City Centre, The Lowry Hotel, voco Manchester - City Centre, Hotel Indigo Exeter, The Castings build-to-rent, and Benson Yard PBSA), Germany (1 property: Pullman Hotel Munich), and Italy (1 property: Hotel Cerretani Firenze - MGallery). The portfolio is managed by Millennium & Copthorne Hotels plc through its trustee-managers. The trust distributes income to unitholders through semi-annual distributions per stapled security.

Differentiator

Problem solved

Functional benefit

Products and services

• CDL Hospitality Real Estate Investment Trust (H-REIT) The hotel-focused REIT component of the CDL Hospitality Trusts stapled security, owning a geographically diversified portfolio of hotel and hospitality-related real estate assets across 8 countries. Investors acquire units of H-REIT to gain exposure to hospitality property income and capital appreciation.
• CDL Hospitality Business Trust (HBT) The business trust component of the CDL Hospitality Trusts stapled security, holding operating hotel assets and related business trust interests that complement the REIT's property ownership structure. Together with H-REIT forms a single stapled security traded under SGX ticker J85.

Quantifiable outcome

• Q1 2026 NPI grew 10.4% to S$33.1 million, breaking five consecutive quarters of year-on-year declines
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core.

• Banyan Tree Holdings LimitedcoreChannel Partner/ Reseller/ Distributor · 14 December 2022CDLHT entered into a 10-year lease agreement with Banyan Tree Holdings for Angsana Velavaru in the Maldives. Banyan Tree Holdings operates the resort under the Angsana brand, providing hospitality management services.
• AccorHotelscoreChannel Partner/ Reseller/ Distributor · 14 August 2017AccorHotels was appointed as the new operator of the luxury Maldives resort (formerly Raffles Maldives Meradhoo, rebranded as The Halcyon Private Isles Maldives, Autograph Collection in September 2025). AccorHotels manages hotel operations including front-of-house services, guest experience, and hospitality operations for the property.
• City Developments LtdcoreStrategic or Co-development Partner · 27 June 2017City Developments Ltd (CDL) is the sponsor of CDL Hospitality Trusts and has entered into a joint venture with CapitaLand Development for the S$475 million forward purchase of Moxy Singapore Clarke Quay. CDL provides sponsorship and deal flow for the trust.
• CapitaLand DevelopmentcoreStrategic or Co-development PartnerJoint venture partner with City Developments Ltd for the S$475 million forward purchase of Moxy Singapore Clarke Quay. CapitaLand Development provides development expertise and property assets to the partnership.
• Marriott InternationalcoreChannel Partner/ Reseller/ DistributorMarriott International operates W Singapore - Sentosa Cove, a luxury lifestyle hotel under Marriott's portfolio. Marriott provides global distribution, loyalty programs, and hospitality management expertise.
• HiltoncoreChannel Partner/ Reseller/ DistributorHilton operates Hilton Cambridge City Centre in the UK. Hilton provides international hotel brand standards, global reservation systems, and hospitality operations management.
• M&C Business Trust Management LimitedcoreOthersM&C Business Trust Management Limited serves as the HBT (Hospitality Business Trust) Trustee-Manager for CDL Hospitality Trusts, responsible for managing the business trust operations.

Scale indicators11 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Hersha Hospitality Trust: US-listed hospitality REIT with boutique and lifestyle hotels in gateway markets. Comparable asset class focus on branded urban hotels.
• Far East Hospitality Trust: Singapore-listed hospitality REIT investing in hotels and serviced residences in Singapore, Australia, Japan, and Malaysia. Closest direct peer to CDLHT in Singapore given similar Stapled REIT structure and hospitality focus.
• Sunstone Hotel Investors: US-listed lodging REIT focused on long-term hotel real estate in gateway markets. Comparable institutional hospitality REIT profile with operator-brand partnerships.
• RLJ Lodging Trust: US-listed hotel REIT focused on upscale and premium-branded properties. Comparable operating model leveraging third-party brand operators and similar segment mix to CDLHT.
• Park Hotels & Resorts: US-listed REIT owning luxury and upscale hotels across the US. Large-cap hospitality REIT peer with comparable operator-brand strategy (Marriott, Hilton) and similar RevPAR-driven DPU dynamics.
• CapitaLand Ascott Trust: Singapore-listed lodging REIT with serviced residences, hotels, and rental housing across Asia-Pacific and Europe. Directly comparable Stapled REIT structure and asset class mix with CDLHT.
• Host Hotels & Resorts: Largest US lodging REIT with luxury and upper-upside hotels operated under major brands. Comparable branded-hotel RevPAR exposure and institutional hospitality-REIT positioning.
• Ascott Residence Trust: Predecessor stapled trust to CapitaLand Ascott Trust, comparable Singapore hospitality REIT focused on serviced residences. Similar trust structure and yield-oriented investor base as CDLHT.
• ARA US Hospitality Trust: Singapore-listed hospitality REIT with a US-focused hotel portfolio. Direct peer given shared Singapore listing venue, hospitality REIT classification, and institutional yield-investor base.

Others

• City Developments Limited: CDLHT's sponsor and controlling shareholder-related entity, also a Singapore-listed property developer. Connected through sponsor relationship, rights issues (S$255.4M in 2017), and the Moxy Singapore Clarke Quay joint venture.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Customer concentration

• Xtwitter.com/cdlht
• LinkedInlinkedin.com/company/cdl-hospitality-trusts-cdhsf-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cdl Hospitality TR Stpld