YEAR
IN REVIEW
(7)
Tourism – Statistics New Zealand
(8)
The yoy RevPAR comparison assumes H-REIT, through the Japan Trust, owned the Japan Hotels for the year ended 31 December 2014.
(9)
International Visitor Arrivals Statistics – Japanese National Tourism Organization.
OVERVIEW AND FINANCIAL REVIEW
Overseas
CDLHT’s Australia Hotels in Brisbane and Perth experienced softer performance in the year due to weakness in the natural
resources sector as a result of the lower commodity prices. However, this effect was mitigated by the defensive lease
structure which provides CDLHT with a high proportion of fixed rent. NPI contribution from the Australia Hotels was down
9.3% yoy to S$15.2 million, attributable to the weaker Australian dollar.
For New Zealand, the tourism sector is currently enjoying buoyant demand with tourist arrivals growing 9.6% yoy to a record
3.1 million
(7)
for full year 2015. Correspondingly, Rendezvous Hotel Auckland also recorded strong underlying performance
as a result of the robust market growth. However, due to the fixed rent structure for the hotel, NPI contribution was down
5.4% yoy to S$9.7 million as a result of the weaker New Zealand dollar.
The Maldives Resorts registered a yoy RevPAR decline of 18.8% for FY 2015. The devaluation of the Chinese yuan in August
2015 as well as the continued strength of the US dollar against most currencies, including the euro and Russian rouble,
have made Maldives a more expensive travel destination as its room rates are priced in US dollar. The one-week state of
emergency declared in October 2015 also hampered forward bookings. Correspondingly, NPI contribution from the two
resorts decreased 17.6% yoy to S$13.6 million.
The Japan Hotels posted a stellar yoy RevPAR growth of 22.2%
(8)
for FY 2015 as a result of the robust tourist arrivals. In 2015,
Japan welcomed a record 19.7 million visitors in 2015, a phenomenal 47.1%
(9)
growth over 2014. As the Japan Hotels were
acquired on 19 December 2014, contribution from the Japan Hotels in FY 2015 includes the last 13 days in December 2014.
Hilton Cambridge City Centre, which was acquired on 1 October 2015, performed well. It recorded a robust 4Q 2015
RevPAR growth of 20.8% and this was largely fuelled by increased business due to the refurbishment completed in
April 2015.
GROWTH FROM ACQUISITION
Growing beyond Asia Pacific and into Europe
Façade of Hilton Cambridge City Centre
20
