Cdl Hospitality Trusts · SGX:J85
Cdl Hospitality Trusts — Shareholder Meeting (April 2021)
38 slides from Cdl Hospitality Trusts's shareholder meeting presentation, Apr 23, 2021
Slide 1: Annual General Meetings 2021
Annual General Meetings 2021 23 April 2021 SINGAPORE | PERTH | AUCKLAND | MALDIVES | TOKYO | CAMBRIDGE | MANCHESTER | MUNICH | FLORENCE
Slide 2: Important Notice
Important Notice This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assump
Slide 3: About CDL Hospitality Trusts
About CDL Hospitality Trusts CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets under management of about S$2.9 billion as at 31 December 2020. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment
Slide 4: References Used in this Presentation
References Used in this Presentation 1Q, 2Q, 3Q, 4Q refers to the period 1 January to 31 March, 1 April to 30 June, 1 July to 30 September and 1 October to 31 December respectively 1H and 2H refers to the period 1 January to 30 June and 1 July to 31 December respectively ARR refers to average room r
Slide 5: Agenda
Agenda Overview 6 Navigating COVID-19 Crisis 10 Portfolio Update 13 Management Strategy 26 Continued Investment to Optimise Potential of Assets 28 Strong Liquidity and Healthy Balance Sheet 33 Concluding Remarks 36 5
Slide 6: Overview
Overview
Slide 7: Leading Hospitality Trusts with Strong Sponsor
Leading Hospitality Trusts with Strong Sponsor City Developments Limited Leading global real estate company with a network spanning 112 locations in 29 countries and regions Proven track record of over 55 years Portfolio consists of residences, offices, hotels, serviced apartments and shopping
Slide 8: High Quality Portfolio with Assets Across the World
High Quality Portfolio with Assets Across the World MANCHESTER • 1 Hotel IPO 19 Jul 2006 31 Dec 2020 CAMBRIDGE • 1 Hotel 5 18 MUNICH TOKYO Properties • 1 Hotel • 2 Hotels FLORENCE 1,915 4,631 Rooms • 1 Hotel SINGAPORE • 6 Hotels • 1 Retail Mall S$0.8B S$2.6B Portfolio Valuation +207% MALDIVES • 2 Re
Slide 9: Key Highlights of FY 2020
Key Highlights of FY 2020 Conclusion of the three deals during the year strengthened CDLHT’s balance sheet with a net cash inflow of S$83.3 million Divested Novotel Singapore Clarke Quay (“NCQ”) for S$375.9 Completed Divestment million at 87.0% premium over purchase price of S$201.0 million of N
Slide 10: Navigating COVID-19 Crisis
| Navigating COVID-19 Crisis
Slide 11: Weathering the Crisis
Weathering the Crisis Proactive Tactical Measures Deployed Cost Containment & Capital Pursue Alternate Fortify Healthy Expenditure Management Revenue Channels Financial Position Temporary closure of hotels or certain floors Refinanced a JPY3.3 billion 5-year fixed Singapore Hotels provide acco
Slide 12: Clean, Safe and Comfortable Experience for Guests
Clean, Safe and Comfortable Experience for Guests Appropriate Screening Measures Higher Safety Standards for F&B Temperature check on arrival for all Enhanced food safety protocols, deep guests and employees cleaning and meals served individually Collection of guest health declaration Approp
Slide 13: Portfolio Update
Portfolio Update
Slide 14: Update on Singapore Portfolio
Update on Singapore Portfolio FY 2020 FY 2019 YoY Change 5 SG Hotels (1) RevPAR (S$) 70 153 -54.4% 6 SG Hotels (5 SG Hotels + W Hotel) (2) RevPAR (S$) 79 162 -51.4% Singapore Portfolio (NCQ divested and W Hotel acquired in mid-Jul 2020) NPI (S$ ’000) 42,864 87,880 -51.2% Wow Suite, W Hotel Annual In
Slide 15: Plans to Support Singapore's Tourism Industry Recovery
Plans to Support Singapore’s Tourism Industry Recovery Connect@SG aims to support the revival of Singapore’s air hub status Steps to Resume and hospitality sector (1) International Travel Use of International Air Transport Association travel pass to commence from 1 May 2021 (mutual recognition o
Slide 16: Singapore – Investment in Tourism Infrastructure for Decades Ahead
Singapore – Investment in Tourism Infrastructure for Decades Ahead New Large-Scale Tourism Projects Being Planned Across The Entire Island Changi Airport (1) Jurong Lake District (2) Expansion plans which will eventually 7-ha integrated tourism development site increase the current capacity to 1
Slide 17: Singapore – Investment in Tourism Infrastructure for Decades Ahead (Con't)
Singapore – Investment in Tourism Infrastructure for Decades Ahead (Con’t) New Large-Scale Tourism Projects Being Planned Across The Entire Island Greater Southern Waterfront (1) Sentosa-Brani Masterplan (2) Converting 30km of Singapore's southern Reshaping Sentosa and Pulau Brani into a coastli
Slide 18: Update on Oceania Portfolio
Update on Oceania Portfolio New Zealand Hotel FY 2020 FY 2019 YoY Change RevPAR (NZ$) 144 179 -19.2% NPI (S$ ’000) 16,507 16,320 1.1% Australia Hotels FY 2020 (1) FY 2019 YoY Change NPI (S$ ’000) 8,358 9,139 -8.5% Market Update & Outlook Borders remain generally closed to most international travel
Slide 19: Update on Maldives Portfolio
Update on Maldives Portfolio Maldives Resorts FY 2020 FY 2019 YoY Change RevPAR (US$) (1) 69 151 -54.1% NPI (S$ ’000) (2,621) (1,312) N.M Market Update & Outlook (2) (3) Borders reopened in Jul 2020 and international visitor arrivals picked up in Dec 2020 As part of its three-pronged initiative
Slide 20: Update on Japan Portfolio
Update on Japan Portfolio Japan Hotels FY 2020 FY 2019 YoY Change RevPAR (¥) 2,906 7,850 -63.0% NPI (S$ ’000) 381 3,792 -90.0% Market Update & Outlook (1) (2) Entry ban on foreign travellers from most countries since Apr 2020 Modern Twin Room Aoba, MyStays Asakusabashi State of emergency lifted
Slide 21: Update on United Kingdom Portfolio
Update on United Kingdom Portfolio UK Hotels FY 2020 FY 2019 YoY Change RevPAR (£) 40 128 -68.5% NPI (S$ ’000) (312) 12,663 N.M Market Update & Outlook Hilton Cambridge City Centre closed from 24 Mar to 30 Jun 2020, and from 20 Dec 2020 to 4 Jan 2021. The hotel currently provides accommodation to
Slide 22: Update on EU Portfolio
Update on EU Portfolio Germany Hotel FY 2020 FY 2019 YoY Change RevPAR (€) 27 109 -75.5% NPI (S$ ’000) 2,676 9,862 -72.9% Italy Hotel FY 2020 FY 2019 YoY Change RevPAR (€) 23 158 -85.5% NPI (S$ ’000) 1,472 2,818 -47.8% Market Update & Outlook Pullman Munich Hotel Partial lockdown restrictions acro
Slide 23: Performance Affected by COVID-19 Pandemic
Performance Affected by COVID-19 Pandemic Performance adversely affected since onset of COVID-19 pandemic, which led to the absence of international travel Most hotels were operating at mid to low occupancies or closed on a temporary basis during the year Singapore and New Zealand Hotels large
Slide 24: Portfolio Valuation Decline Mitigated by Quality of Assets
Portfolio Valuation Decline Mitigated by Quality of Assets Portfolio book value (1) decreased by 8.8% as at 31 Dec 2020 mainly due to divestments and the impact of the pandemic On the same store basis (2), the portfolio book value (1) would have decreased by 5.1% or S$139.2 million YoY Portfol
Slide 25: Geographically Diversified Portfolio
Geographically Diversified Portfolio Breakdown of Portfolio Valuation as at 31 Dec 2020 Singapore 66.1% Oceania 10.1% Orchard Hotel 17.1% Other Asia New Zealand – Grand Millennium 7.2% Auckland Grand Copthorne Waterfront Hotel 13.6% Singapore Oceania Australia 2.9% W Hotel 12.1% Mercure Perth 1.8% M
Slide 26: Management Strategy
| | Management Stategs
Slide 27: Long Term Management Strategy to Enhance Unitholders' Value
Long Term Management Strategy to Enhance Unitholders’ Value 1 Acquisition Growth Strategy 2 Asset Management Strategy Pursue quality assets with growth Work closely with master lessees potential and/or hotel managers to implement Adopt a medium to long term view to active revenue and cost mana
Slide 28: Continued Investment to Optimise Potential of Assets
Continued Investment to Optimise Potential of Assets - Preparing for Eventual Recovery
Slide 29: Enhance Competitiveness of Assets for Eventual Recovery
Enhance Competitiveness of Assets for Eventual Recovery Singapore Copthorne King’s Hotel: Room refurbishment project completed in Apr 2020 Furnished with contemporary Chinoiserie décor and in-room technology Signature Queen Room, Copthorne King’s Hotel Signature Studio, Copthorne King’s Hotel 29
Slide 30: Enhance Competitiveness of Assets for Eventual Recovery (Con't)
Enhance Competitiveness of Assets for Eventual Recovery (Con’t) Singapore W Singapore – Sentosa Cove: Renovation project at the all-day dining restaurant, the kitchen table, was completed in Dec 2020 Seating capacity has increased from 140 to 234, with new furnishings to improve the overall gues
Slide 31: Enhance Competitiveness of Assets for Eventual Recovery (Con't)
Enhance Competitiveness of Assets for Eventual Recovery (Con’t) Maldives Angsana Velavaru: Major refurbishment of all 79 beach villas completed in Jul 2020 Infinity pools were added to 24 beach villas, strengthening the resort’s overall attractiveness Beachfront Infinity Pool Villa, Angsana Vela
Slide 32: Enhance Competitiveness of Assets for Eventual Recovery (Con't)
Enhance Competitiveness of Assets for Eventual Recovery (Con’t) Maldives Raffles Maldives Meradhoo: New presidential villa, Raffles Royal Residence, welcomed its first guests in Dec 2020 Product offering augmented to position resort for market recovery Raffles Royal Residence, Raffles Maldives M
Slide 33: Strong Liquidity and Healthy Balance Sheet
Strong Liquidity and Healthy Balance Sheet
Slide 34: Debt Maturity Profile as at 31 Dec 2020
Debt Maturity Profile as at 31 Dec 2020 Successfully refinanced JPY6.4 billion (S$81.7 million) 5-year borrowings in Sep 2020 In 4Q 2020, ~S$82.6 million proceeds from the divestments were used to reduce the RCF Further strengthens CDLHT’s balance sheet and enhances its financial flexibility D
Slide 35: Strong Liquidity and Financial Position to Weather Downturn
Strong Liquidity and Financial Position to Weather Downturn As at 31 December 2020 37.5% ~S$131M Gearing Cash (S$689M Debt Headroom @ 50% Gearing) Sound Financial 1.9% Metrics Allow CDLHT to ~S$702M Low Cost of Debt Available Credit Facilities (2) Weather Impact of Pandemic 2.2x 93.4% Interest Cover
Slide 36: Concluding Remarks
Concluding Remarks
Slide 37: Concluding Remarks
Concluding Remarks Market conditions will continue to be challenging due to the sustained international travel restrictions Outlook Recovery is underway with vaccination programmes being rolled out progressively Countries are actively discussing mutual travel arrangements to facilitate travel
Slide 38: Thank You
Thank You W cot WOSPNT PANTY
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