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PORTFOLIO STATEMENTS
REPORTS
As at 31 December 2016
The accompanying notes form an integral part of these financial statements.
As at 31 December 2016, Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Studio M Hotel, Copthorne King’s
Hotel and Grand Millennium Auckland are leased by the H-REIT Group to related corporations of the H-REIT Manager.
Jumeirah Dhevanafushi is leased by the H-REIT Group to the HBT Group. As at 31 December 2015, Orchard Hotel, Grand
Copthorne Waterfront Hotel, M Hotel, Studio M Hotel, Copthorne King’s Hotel are leased by the H-REIT Group to related
corporations of the H-REIT Manager. Jumeirah Dhevanafushi is leased by the H-REIT Group to the HBT Group.
The terms of lease are as follows:
Singapore
The leases for Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel and Copthorne King’s Hotel contain an initial
term of 20 years from 19 July 2006 with an option to renew for another 20 years. The lease for Studio M Hotel contains
an initial term of 20 years from 3 May 2011 with an option to renew up to a total term of 70 years. The lease for Novotel
Singapore Clarke Quay contains a term of approximately 13.5 years from 7 June 2007. The leases for Claymore Connect
generally contain an initial term of one to three years. Subsequent renewals are renegotiated with the lessees.
New Zealand
The lease for Grand Millennium Auckland contains an initial term of 3 years from 7 September 2016 with an option to
extend for two 3-year periods.
Australia
The leases for the Australia properties contain a term of approximately 11 years from 19 February 2010.
Maldives
The lease for Angsana Velavaru contains a term of 10 years from 1 February 2013. Jumeirah Dhevanafushi is leased to
CDL HBT Oceanic Maldives Private Limited, an indirect subsidiary of HBT, for a term of 10 years from 31 December 2013.
Japan
The Japan properties are under master lease arrangements between a trust bank in Japan (in its capacity as the trust bank
holding the legal title to the Japan hotels) and AKO GK, an indirect subsidiary of HBT. The lease for the properties was
renewed for a term of 3 years from 18 July 2016.
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Annual Report 2016