CDLH Trust: posted strong 2Q10 results. Gross revenue +52% to $30.7m, as the sustained growth in tourist arrivals drove up demand for hotel space. Average occupancy was 88.5%, vs a mere 75.4% one yr ago. Avg daily rate +23.6% yoy to $220. RevPAR +45.4% yoy to $195. DPU +39% to 2.87cts, translating to 5.9% annualized yield. Mgt positive on outlook, expects further phased introduction of more attractions at the integrated resorts, and major events such as F1 Singapore, to spur hotel demand...
Recent fund raising via a $200m private placement and $1bn Multicurrency MTN, have resulted in a stronger balance sheet, and give CDLH the flexibility to pursue more acquisitions in future.
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