108
CDL
HOSPITALITY TRUSTS
PORTFOLIO STATEMENTS
In 2013, the H-REIT Group acquired Angsana Velavaru and Jumeirah Dhevanafushi in Maldives. The purchase
consideration for Angsana Velavaru was US$71.0 million ($86.6 million). The total acquisition costs of US$1.4 million
($1.8 million) included an acquisition fee paid to the H-REIT Manager of US$0.7 million ($0.89 million) in cash.
The purchase consideration for Jumeirah Dhevanafushi was US$59.6 million ($75.6 million). The total acquisition costs
of US$1.2 million ($1.5 million) included an acquisition fee paid to the H-REIT Manager of US$0.6 million ($0.8 million)
in cash.
On 19 December 2014, the H-REIT Group acquired Hotel MyStays Asakusabashi and Hotel MyStays Kamata
(collectively the Japan Hotels) in Japan for a purchase consideration of JPY6.0 billion (or approximately $65.7 million).
These properties were recorded at cost on 31 December 2014 and classified as property, plant and equipment at
H-REIT Group. At the Stapled Group, the acquisition of the Japan Hotels are considered business combinations and
are accounted for in accordance with the Stapled Group’s accounting policy on business combinations.
The carrying amounts of the investment properties located in Singapore, New Zealand, Australia and Maldives as at
31 December 2014 were based on independent valuations undertaken by Knight Frank Pte. Ltd. for the Singapore
properties, CBRE Valuations Pty Limited for the Australia properties, Colliers International New Zealand Limited for the
New Zealand property and CBRE Pte. Ltd. for the Maldives properties as of 31 December 2014, except otherwise stated
below. The independent valuers have appropriate professional qualifications and recent experience in the location
and category of the properties being valued. The valuations were based on the capitalisation and discounted cash
flow methods for the Singapore properties; the discounted cash flow approach for the Australia properties; and the
capitalisation and discounted cash flows approach for New Zealand and Maldives properties.
The specific risks inherent in each of the properties are taken into consideration in arriving at the property valuation.
The valuation methods used in determining the fair value involve certain estimates including those relating to
capitalisation rate, discount rate and terminal yield.
The valuations adopted for the properties were as follows:
H-REIT Group
Stapled Group
Note
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Properties
Orchard Hotel
460,000
455,500
460,000
455,500
Grand Copthorne Waterfront Hotel
363,000
358,000
363,000
358,000
Novotel Singapore Clarke Quay
319,000
315,000
319,000
315,000
M Hotel
235,000
233,000
235,000
233,000
Studio M Hotel
164,000
163,000
164,000
163,000
Copthorne King’s Hotel
122,000
123,000
122,000
123,000
Claymore Connect
(ii)
106,000
78,000
106,000
78,000
Rendezvous Grand Hotel Auckland
102,890
100,816
102,890
100,816
Mercure Brisbane and Ibis Brisbane
67,269
72,346
67,269
72,346
Novotel Brisbane
76,740
82,519
76,740
82,519
Ibis Perth
32,289
32,782
32,289
32,782
Mercure Perth
49,079
46,346
49,079
46,346
Angsana Velavaru
109,156
101,384
109,156
101,384
Jumeirah Dhevanafushi (Note 5)
82,032
77,077
–
–
Investment properties
(iii)
2,288,455
2,238,770 2,206,423 2,161,693
Property, plant and equipment
Jumeirah Dhevanafushi (Note 5)
–
–
82,032
77,077
Hotel MyStays Asakusabashi (Note 26)
(iv) 36,817/ 37,916
– 36,817/ 37,916
–
Hotel MyStays Kamata (Note 26)
(iv) 28,574/ 29,893
– 28,574/ 29,893
–
As at 31 December 2014
