CDL Hospitality Trusts - OCBC Investment 2017-08-21: AccorHotels To Operate Jumeirah Dhevanafushi

CDL Hospitality Trusts - OCBC Investment 2017-08-21: AccorHotels To Operate Jumeirah Dhevanafushi CDL HOSPITALITY TRUSTS J85.SI

CDL Hospitality Trusts - AccorHotels To Operate Jumeirah Dhevanafushi

  • 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.




Deborah Ong OCBC Investment | http://www.ocbcresearch.com/ 2017-08-21
OCBC Investment SGX Stock Analyst Report BUY Maintain BUY 1.525 Same 1.525



Advertisement



MOST TALKED ABOUT STOCKS / REITS OF THE WEEK



loading.......



ANALYSTS SAY


loading.......