| Cover Page | 1 |
| Contents | 2 |
| Overview of CDL Hospitality Trusts | 4 |
| Chairman's Statement | 8 |
| Financial Highlights | 10 |
| Portfolio Summary of CDL Hospitality Trusts | 12 |
| Year in Review | 16 |
| Market Review | 20 |
| Board of Directors | 28 |
| Managements Reporting Structure | 31 |
| Management Team | 32 |
| Properties | 34 |
| Corporate Governance | 62 |
| Statement of Policies and Practices of HBT | 80 |
| Sustainability Reporting | 86 |
| Financial Statements | 89 |
| Report of the Trustee-Manager of CDL Hospitality Business Trust | 90 |
| Statement by the Chief Executive Officer of the Trustee-Manager | 92 |
| Report of the Trustee of CDL Hospitality Real Estate Investment Trust | 93 |
| Report of the Manager of CDL Hospitality Real Estate Investment Trust | 94 |
| Independent Auditors' Report | 95 |
| Statements of Financial Position | 97 |
| Statement of Comprehensive Income of the HBT Group | 98 |
| Statements of Movements in Unitholders' Funds | 99 |
| Distribution Statements | 105 |
| Portfolio Statements | 106 |
| Statements of Cash Flows | 112 |
| Notes to the Financial Statements | 114 |
| Statistics of Stapled Securities Holdings | 169 |
| Related Party Transactions* | 171 |
| Notice of Annual General Meetings | 172 |
| Proxy Form | 177 |
| Corporate Directory | 179 |
| Letter to Unitholders | 181 |
| Directors' Report | 184 |
| Statement by Directors | 187 |
| Independent Auditors' Report | 188 |
| Statement of Financial Position | 189 |
| Statement of Comprehensive Income | 190 |
| Statement of Changes in Equity | 191 |
| Statement of Cash Flows | 192 |
| Notes to the Financial Statements | 193 |