Re: Clark Quay hotel fuck up wedding dinner, then call in mata when couple refuse to
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http://www.cdlht.com/investor_corp_chariman.htm
http://www.cdlht.com/ir.html
Owners : Novotel Singapore Clarke Quay
Extracted from Annual Report 2007
On behalf of the
Board of Directors of M&C REIT Management Limited, manager of CDL Hospitality Real Estate Investment Trust and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust, I am pleased to present a set of stellar results for CDL Hospitality Trusts for the financial year ended 31 December 2007.
2007 IN REVIEW
2007 was a spectacular year for CDL Hospitality Trusts:
We saw strong operating performance in our Singapore hotels – Revenue per available room (“RevPAR”) for our Singapore hotels was S$174, up 30.8% against the Pro Forma 2006 RevPAR of S$133. Our average occupancy rate was 87% at an average daily rate of S$200.
We
successfully completed the acquisition of the Novotel Clarke Quay – On 7 June 2007, we acquired the 398-room
Novotel Clarke Quay located at the heart of Clarke Quay, one of Singapore’s leading lifestyle and entertainment destinations. This acquisition boosted our portfolio of Singapore hotel rooms to 2,324, making us the largest hotel owner in Singapore by number of rooms. The Novotel Clarke Quay contributed S$9.6 million towards gross rental revenues and S$9.2 million towards net property income for the period 7 June 2007 to 31 December 2007.
We delivered significant growth in our business in FY 2007 – As a result of the strong operating performance of CDL Hospitality Trusts’ hotels in Singapore, the revenues from the Novotel Clarke Quay and the revenues from the Rendezvous Hotel Auckland, gross revenues of CDL Hospitality Trusts were S$90.7 million, representing a 61.1% increase over Projection 2007 and 58.5% increase against Pro Forma 2006. Net property income was S$85.8 million, which was a 66.7% increase over Projection 2007 and 62.9% increase over Pro Forma 2006.
We presented strong returns to our unitholders – In line with our strong financial performance, we declared record distributions per stapled security of approximately 8.98 Singapore cents, which was 61.8% above the projection of 5.55 cents provided at our IPO. In addition to strong distributions, the price of our stapled security appreciated 40.7% in 2007 reflecting strong investor confidence in us.
We received robust support from the investment community – On 19 July 2007, we completed a successful round of equity fund raising comprising a placement tranche which was 24 times subscribed and a preferential tranche which was 93.9% subscribed by existing unitholders. We raised net proceeds of S$291.0 million, which was used to pare down debt.
We strengthened our balance sheet significantly – As a result of the successful equity fund raising and increase in the value of our assets, we now have a low debt-to-asset ratio of 18.7% as at 31 December 2007 compared to 34.6% as at the end of 2006. The net asset value per stapled security has also grown 56.3% to S$1.61 versus S$1.03 as at the end of 2006.
OUTLOOK FOR 2008
Singapore’s tourism industry experienced a recordbreaking year for 2007. Visitor arrivals in Singapore hit a historic high with 10.3 million visitors and 38 million visitor days for the entire year. For 2008, the Singapore Tourism Board has set a target to increase visitor arrivals by 5%, to 10.8 million. The year has already started on a strong note with the opening of Changi Airport Terminal 3, and the rest of this year promises to be just as exciting. With the official launch of the Singapore Flyer in February, the eagerly-anticipated 2008 FORMULA 1 SingTel Singapore Grand Prix in September and other inaugural major international events such as the Singapore Airshow, Singapore International Water Week and ITB Asia, the tourism and hotel industry is expected to remain buoyant. While concerns remain over the growth of the macro economy in 2008, fuelled by fears of a recession in the United States and increasingly stretched credit markets worldwide, we remain cautiously upbeat on the outlook for the hotel industry in Singapore in 2008. We will continue to proactively manage our portfolio by maximizing the operating performance of our existing assets, as well as continue to explore asset enhancement opportunities to optimize the value of our hotels. In this regard, we are in the process of converting unused space at the Grand Copthorne Waterfront Hotel into 24 new extended stay rooms. The project is nearing completion™ and the rooms are expected to be launched in the second quarter of 2008.
In addition, we are also in the process of renovating M Hotel’s Serviced Office & Business Centre. This reconfiguration will result in the creation of an additional four serviced office units with 98 sq m of leaseable space and two additional meeting rooms. Work is also underway to convert the present gym located on the 8th floor of Novotel Clarke Quay into two deluxe rooms and to free up space in the hotel for a suite. These activities will take the total hotel room inventory to 401 rooms. The present gym will be relocated to one of the meeting rooms on a lower floor of the hotel which is not regularly used. These projects are expected to generate incremental revenue with effect from second quarter of 2008.
Concurrent with pursuing organic growth opportunities, we will use our strong balance sheet to make yieldaccretive quality acquisitions in the Asia-Pacific region. Building on our strong performance in 2007, we look forward to the continued delivery of consistently attractive returns to our unitholders.
Mr Wong Hong Ren
Chairman
Only prob it was not a 5star rest like nowadays but 1 of those family rest way back in the 70s with a stage and live performance singers from malaysia and taiwan 
