112
CDL
HOSPITALITY TRUSTS
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the HBT Trustee-Manager, the H-REIT Manager and the H-REIT
Trustee on 13 March 2015.
1 GENERAL
CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”)
and its subsidiaries (the “H-REIT Group”) and CDL Hospitality Business Trust (“HBT”) and its subsidiaries (the “HBT
Group”) (collectively, the “Stapled Group”). H-REIT is a Singapore-domiciled unit trust constituted pursuant to the
trust deed dated 8 June 2006 as amended by the First Supplemental Deed dated 11 January 2007, the Second
Supplemental Deed dated 26 March 2010 and the Third Supplemental Deed dated 20 July 2010 (collectively, the
“H-REIT Trust Deed”) between M&C REIT Management Limited (the “H-REIT Manager”) and DBS Trustee Limited
(the “H-REIT Trustee”). The H-REIT Trust Deed is governed by the laws of the Republic of Singapore. The H-REIT
Trustee is under a duty to take into custody and hold the assets of H-REIT held by it or through its subsidiaries
in trust for the holders of units in H-REIT. HBT is a business trust constituted by a trust deed dated 12 June 2006
(“HBT Trust Deed”) and is managed by M&C Business Trust Management Limited (the “HBT Trustee-Manager”).
The securities in each of H-REIT and HBT are stapled together under the terms of a stapling deed dated 12 June
2006 entered into between the H-REIT Manager, the H-REIT Trustee and the HBT Trustee-Manager (the “Stapling
Deed”) and cannot be traded separately. Each stapled security in CDL Hospitality Trusts (the “Stapled Security”)
comprises a unit in H-REIT (the “H-REIT Unit”) and a unit in HBT (the “HBT Unit”).
CDL Hospitality Trusts was formally admitted to the Official List of Singapore Exchange Securities Trading Limited
(“SGX-ST”) on 19 July 2006.
The principal activity of H-REIT and its subsidiaries is to invest in income producing real estate and real estate
related assets, which are used or substantially used for hospitality and hospitality related purposes, with the primary
objective of achieving an attractive level of return from rental income and for long-term capital growth.
The HBT Trustee-Manager activated the HBT (which was previously dormant) in connection with the acquisition
of Jumeirah Dhevanafushi in December 2013. In December 2014, HBT, through its indirectly wholly-owned
subsidiary, AKO GK became the master lessee following the acquisition of the Japan Hotels by H-REIT’s
indirectly-owned subsidiary. In addition to its function as a master lessee, HBT may also undertake certain hospitality
and hospitality-related development projects, acquisition and investments which may not be suitable for H-REIT.
The consolidated financial statements of the H-REIT Group relate to H-REIT and its subsidiaries. The consolidated
financial statements of the HBT Group relate to HBT and its subsidiaries. The consolidated financial statements of
the Stapled Group relate to the HBT Group and the H-REIT Group.
NOTES TO THE FINANCIAL STATEMENTS
