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Author: kimeng   |   Latest post: Fri, 25 May 2018, 09:43 AM


CDL Hospitality Trusts: AccorHotels to Operate Jumeirah Dhevanafushi

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CDL Hospitality Trusts (CDLHT) has announced the appointment of AccorHotels as the new resort operator for Jumeirah Dhevanafushi in the Maldives, with effect from 1 Sept 2017.

The asset currently competes at the top end of the Maldives luxury market and has been plagued by a challenging operating environment amongst supply injections and moderating growth from Chinese demand.

Collectively, CDLHT’s Maldives resorts recorded a YoY RevPAR decline of 16.3% in 2Q17. Under AccorHotels, the asset will initially operate as Dhevanafushi Maldives Luxury Resort and, following enhancements in late 2018, will be repositioned to join the collection of Raffles Hotels and Resorts.

We believe the change in the operator and asset enhancements will offer a chance for an improvement in its operational performance.

Note that CDLHT is currently trading at a FY17F yield of 5.6% and a FY18F yield of 6.3%. Maintain HOLD with a fair value of S$1.525.

Source: OCBC Research - 21 Aug 2017

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Labels: CDL HTrust

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