| Cover Page | 1 |
| Contents | 2 |
| Overview And Financial Review | 4 |
| Market Review | 28 |
| Leadership Structure | 38 |
| Property Portfolio | 44 |
| Orchard Hotel, Singapore | 46 |
| Grand Copthorne Waterfront Hotel, Singapore | 48 |
| M Hotel, Singapore | 50 |
| Copthorne King's Hotel, Singapore | 52 |
| Studio M Hotel, Singapore | 54 |
| Novotel Singapore Clarke Quay, Singapore | 56 |
| Claymore Connect, Singapore | 58 |
| Novotel, Mercure & Ibis Brisbane, Australia | 60 |
| Mercure & Ibis Perth, Australia | 62 |
| Rendezvous Hotel Auckland, New Zealand | 64 |
| Angsana Velavaru, Maldives | 66 |
| Jumeirah Dhevanafushi, Maldives | 68 |
| Hotel MyStays Asakusabashi & MyStays Kamata, Japan | 70 |
| Hilton Cambridge City Centre, United Kingdom | 72 |
| Reports | 74 |
| Corporate Governance | 74 |
| Statement of Policies and Practices of HBT | 94 |
| Sustainability Reporting | 100 |
| Financial Statements | 103 |
| Report of the Trustee-Manager of CDL Hospitality Business Trust | 104 |
| Statement by the Chief Executive Officer of the Trustee-Manager | 106 |
| Report of the Trustee of CDL Hospitality Real Estate Investment Trust | 107 |
| Report of the Manager of CDL Hospitality Real Estate Investment Trust | 108 |
| Independent Auditors' Report | 109 |
| Statements of Financial Position | 111 |
| Statement of Comprehensive Income of the HBT Group | 112 |
| Statements of Total Return of the H-REIT Group and the Stapled Group | 112 |
| Statements of Movements in Unitholders' Funds | 113 |
| Distribution Statement | 119 |
| Portfolio Statements | 120 |
| Statements of Cash Flows | 126 |
| Notes to the Financial Statements | 128 |
| Statistics of Stapled Securities Holdings | 189 |
| Interested Person Transactions/Related Party Transactions | 191 |
| Glossary | 192 |
| Notice of Annual General Meetings | 195 |
| Proxy Form | 201 |
| Back Cover Page | 204 |