<p>[新加坡] CDL 酒店信托（CDLHT）在周五（4 月 17 日）披露，当前中东冲突对投资组合的整体表现产生了负面影响，尽管管理层表示迄今为止影响并不显著。</p>
<p>在 4 月 24 日举行的年度股东大会之前，管理层在回应证券持有者的一系列问题时指出，该集团经历了 “适度的取消，而新预订的速度有所放缓”。</p>
<p>在其投资组合中，马尔代夫受到的影响最为明显，因为其依赖中东航空公司和长途连接。</p>
<p>在奥克兰和英国部分地区也观察到了较为温和的预订速度和个别取消情况。然而，东京、珀斯和慕尼黑等市场则相对稳定。</p>
<p>管理层表示，新加坡作为 CDLHT 的主要市场，迄今为止也保持了相对的韧性。</p>
<p>“3 月份的交易总体稳定，得益于潜在需求和城市活动日历。尽管某些细分市场出现了一些取消和更为谨慎的情绪，导致轻微的不利影响，但迄今为止未观察到对预订趋势的重大干扰，” 他们表示。</p>
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<p>虽然管理层将当前的影响描述为 “可控”，但他们警告称，长期冲突可能通过更高的能源价格、增加的机票、旅行安全、减少的航空连接和更广泛的通货膨胀压力间接抑制需求。</p>
<p>“这可能导致消费者在可自由支配的旅行支出上更加谨慎，也可能促使企业推迟或缩减非必要的旅行。一个关键因素是能源价格维持在高位的时间长短，” 他们表示。</p>
<h2>DPS 下降背后的结构性阻力</h2>
<p>在回应有关每个合并证券分配（DPS）下降的问题时，管理层指出，DPS 在截至 2025 年 12 月 31 日的财年中同比下降了 9.8%，降至 0.048 新元，涉及多个结构性和周期性因素。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/32c26a8d0a16e0a25242146b21ae896d0f044a2ec5b4c5baee1b8fac2ff76403/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/32c26a8d0a16e0a25242146b21ae896d0f044a2ec5b4c5baee1b8fac2ff76403/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>随着新加坡旅游前景明朗，CDLHT 期待在翻修拖累后反弹</h3>
<p>“尽管运营表现已显著改善，但 DPS 受到融资成本上升、投资组合组成变化、某些市场复苏不均以及初步复苏阶段后运营条件正常化的影响，” 管理层表示。</p>
<p>关于融资成本的显著增加，管理层表示，债务的加权平均成本从 2019 年底的 2.2% 上升至 2024 年 9 月的峰值 4.4%。</p>
<p>尽管这一利率在 2025 年底降至 3%，但前期的高利率环境对可分配收入造成了压力，他们表示。</p>
<p>此外，运营表现也在初步疫情后激增后经历了正常化。</p>
<p>“在 2024 财年，DPS 同比下降 6.7%，降至 0.0532 新元，主要是由于某些市场在初步疫情后激增后的需求正常化，以及更高的利息成本，” 管理层表示。</p>
<p>在 2025 财年，随着 DPS 的下降，净物业收入（NPI）同比下降 4.1%。管理层将此归因于投资组合内每间可用房间收入的放缓、包括劳动力和公用事业在内的运营成本上升，以及 W 新加坡 - 圣淘沙湾和大千禧奥克兰的翻修工作造成的临时干扰。</p>
<p>这两处物业的 NPI 短缺约为 590 万新元。管理层指出，若不考虑这些干扰，NPI 将同比略微上升 0.3%。</p>
<p>周五，合并证券单位收盘持平，报 0.835 新元。</p>
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城市酒店信托

<p>CDL 酒店信托（CDLHT）报告称，由于中东冲突的持续影响，其投资组合受到负面影响，尽管管理层表示这一影响并不显著。马尔代夫的取消情况最为严重，而新加坡则保持韧性。管理层警告称，长期冲突可能通过提高能源价格和谨慎的消费支出来抑制需求。此外，每个合并证券的分配（DPS）下降归因于融资成本上升和疫情后运营条件的正常化。单位价格最终持平，报 S$0.835</p>

<p>[SINGAPORE] CDL Hospitality Trusts (CDLHT) disclosed on Friday (Apr 17) that the ongoing conflict in the Middle East has “resulted in a negative impact on the portfolio’s overall performance”, although the management maintained that the impact has not been material to date.</p>
<div class="lb-trans"><p>[新加坡] CDL 酒店信托（CDLHT）在周五（4 月 17 日）披露，当前中东冲突对投资组合的整体表现产生了负面影响，尽管管理层表示迄今为止影响并不显著。</p>
</div><p>In a series of responses to questions from security holders released ahead of its annual general meeting to be held on Apr 24, the managers noted that the group has had “modest cancellations while the pace of new bookings has shown some moderation”.</p>
<div class="lb-trans"><p>在 4 月 24 日举行的年度股东大会之前，管理层在回应证券持有者的一系列问题时指出，该集团经历了 “适度的取消，而新预订的速度有所放缓”。</p>
</div><p>Across its portfolio, the Maldives has experienced the most pronounced effect due to its reliance on Middle Eastern carriers and long-haul connectivity.</p>
<div class="lb-trans"><p>在其投资组合中，马尔代夫受到的影响最为明显，因为其依赖中东航空公司和长途连接。</p>
</div><p>A softer forward booking pace and isolated cancellations have also been observed in Auckland and parts of the United Kingdom. Markets such as Tokyo, Perth and Munich, however, have remained relatively steady.</p>
<div class="lb-trans"><p>在奥克兰和英国部分地区也观察到了较为温和的预订速度和个别取消情况。然而，东京、珀斯和慕尼黑等市场则相对稳定。</p>
</div><p>Singapore, which is CDLHT’s key market, has also remained relatively resilient thus far, the managers said.</p>
<div class="lb-trans"><p>管理层表示，新加坡作为 CDLHT 的主要市场，迄今为止也保持了相对的韧性。</p>
</div><p>“Trading in March was broadly stable, supported by underlying demand and the city’s events calendar. While there have been some cancellations and more cautious sentiment in certain segments, resulting in a slight adverse impact, no material disruption to booking trends has been observed to date,” they said.</p>
<div class="lb-trans"><p>“3 月份的交易总体稳定，得益于潜在需求和城市活动日历。尽管某些细分市场出现了一些取消和更为谨慎的情绪，导致轻微的不利影响，但迄今为止未观察到对预订趋势的重大干扰，” 他们表示。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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</div><p>While the managers described the current impact as “managable”, they warned that a prolonged conflict could indirectly dampen demand further through higher energy prices, increased airfares, travel security, reduced air connectivity and broader inflationary pressures.</p>
<div class="lb-trans"><p>虽然管理层将当前的影响描述为 “可控”，但他们警告称，长期冲突可能通过更高的能源价格、增加的机票、旅行安全、减少的航空连接和更广泛的通货膨胀压力间接抑制需求。</p>
</div><p>“This could lead consumers to be more cautious in discretionary travel spending and may also prompt corporates to defer or scale back non-essential travel. A key determinant is how long energy prices remain elevated,” they said.</p>
<div class="lb-trans"><p>“这可能导致消费者在可自由支配的旅行支出上更加谨慎，也可能促使企业推迟或缩减非必要的旅行。一个关键因素是能源价格维持在高位的时间长短，” 他们表示。</p>
</div><h2>Structural headwinds behind DPS decline</h2>
<div class="lb-trans"><h2>DPS 下降背后的结构性阻力</h2>
</div><p>Addressing questions regarding the decline in distribution per stapled security (DPS), which fell 9.8 per cent year-on-year to S$0.048 for the financial year ended Dec 31, 2025, the managers pointed to several structural and cyclical factors.</p>
<div class="lb-trans"><p>在回应有关每个合并证券分配（DPS）下降的问题时，管理层指出，DPS 在截至 2025 年 12 月 31 日的财年中同比下降了 9.8%，降至 0.048 新元，涉及多个结构性和周期性因素。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/32c26a8d0a16e0a25242146b21ae896d0f044a2ec5b4c5baee1b8fac2ff76403/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/32c26a8d0a16e0a25242146b21ae896d0f044a2ec5b4c5baee1b8fac2ff76403?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>CDLHT eyes rebound after renovation drag as Singapore tourism outlook brightens</h3>
<div class="lb-trans"><h3>随着新加坡旅游前景明朗，CDLHT 期待在翻修拖累后反弹</h3>
</div><p>“While operating performance has improved significantly from pandemic lows, DPS has been impacted by a combination of higher financing costs, evolving portfolio composition, uneven recovery in some markets, and a normalisation in operating conditions following the initial recovery phase,” the managers said.</p>
<div class="lb-trans"><p>“尽管运营表现已显著改善，但 DPS 受到融资成本上升、投资组合组成变化、某些市场复苏不均以及初步复苏阶段后运营条件正常化的影响，” 管理层表示。</p>
</div><p>On the material increase of financing costs, the managers said that the weighted average cost of debt increased from 2.2 per cent at the end of 2019 to a peak of 4.4 per cent in September 2024.</p>
<div class="lb-trans"><p>关于融资成本的显著增加，管理层表示，债务的加权平均成本从 2019 年底的 2.2% 上升至 2024 年 9 月的峰值 4.4%。</p>
</div><p>Although this rate moderated to 3 per cent by the end of 2025, the higher interest environment in preceding periods weighed on distributable income, they said.</p>
<div class="lb-trans"><p>尽管这一利率在 2025 年底降至 3%，但前期的高利率环境对可分配收入造成了压力，他们表示。</p>
</div><p>Furthermore, operating performance has also seen a normalisation following the initial post-pandemic surge.</p>
<div class="lb-trans"><p>此外，运营表现也在初步疫情后激增后经历了正常化。</p>
</div><p>“DPS declined by 6.7 per cent year on year to S$0.0532 in FY2024, mainly due to demand normalisation in certain markets following the initial post-pandemic surge, alongside higher interest costs,” the managers said.</p>
<div class="lb-trans"><p>“在 2024 财年，DPS 同比下降 6.7%，降至 0.0532 新元，主要是由于某些市场在初步疫情后激增后的需求正常化，以及更高的利息成本，” 管理层表示。</p>
</div><p>In FY2025, in line with the fall in DPS, net property income (NPI) declined 4.1 per cent year on year. The managers attributed this to a moderation in revenue per available room across the portfolio, higher operating costs including labour and utilities, and temporary disruptions from renovation works at W Singapore - Sentosa Cove and Grand Millennium Auckland.</p>
<div class="lb-trans"><p>在 2025 财年，随着 DPS 的下降，净物业收入（NPI）同比下降 4.1%。管理层将此归因于投资组合内每间可用房间收入的放缓、包括劳动力和公用事业在内的运营成本上升，以及 W 新加坡 - 圣淘沙湾和大千禧奥克兰的翻修工作造成的临时干扰。</p>
</div><p>These two properties had a combined NPI shortfall of approximately S$5.9 million. Excluding these disruptions, the managers noted that NPI would have been marginally higher by 0.3 per cent year on year.</p>
<div class="lb-trans"><p>这两处物业的 NPI 短缺约为 590 万新元。管理层指出，若不考虑这些干扰，NPI 将同比略微上升 0.3%。</p>
</div><p>Units of the stapled security ended flat at S$0.835 on Friday.</p>
<div class="lb-trans"><p>周五，合并证券单位收盘持平，报 0.835 新元。</p>
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城市酒店信托指出中东冲突带来的负面影响