Three hotel trusts published quarterly updates on 27 and 29 October 2026. Iggy and Angela go through each at a high level, using made-up provision shops to show why a total, an event and a same-store figure can tell different stories, and what to check before comparing them.
Three hotel trusts reported quarterly updates, and each headline needs one adjustment before you compare it with another. At CDL Hospitality Trusts, the gearing fall partly reflects perpetual securities, while Far East Hospitality Trust’s revenue rise came mostly from one Nagoya hotel tied to a large September sports event. CapitaLand Ascott Trust shows why reported and same-store figures can point in different directions after a property sale and a London renovation. I walk through what to check before treating any of these numbers as directly comparable.
Key takeaways:
CDL Hospitality Trusts reported gross revenue of about S$72.0 million, up 4.1% year on year.
Far East Hospitality Trust’s Nagoya hotel contributed about S$1.9 million of a S$2.2 million total revenue rise, roughly 88%.
CapitaLand Ascott Trust reported RevPAU of S$164, down 1%, but same-store operating performance rose 4%.
Perpetual securities are excluded from gearing but their distributions are included in CDL’s interest cover definition.
RevPAR, RevPAU and same-store measures answer different questions, so they should not be lined up on one chart.
Iggy’s Forensic Disclaimer
This content is produced for educational and informational purposes only. I am not a financial advisor. I am a retail investor who applies forensic analysis to my own portfolio and shares that process publicly. Nothing here constitutes a recommendation to buy, sell, or hold any security, and no specific target prices or personalised financial advice are offered.
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All data is sourced from public filings and verified sources. Where data is unverified, it is explicitly flagged. All investments carry risk, including the potential loss of principal, and past performance is not indicative of future results. If you are making investment decisions involving CPF, SRS, or personal capital, please conduct your own due diligence or consult a MAS-licensed financial adviser before committing funds.
