<p>[新加坡] CDL 酒店信託（CDLHT）在週五（4 月 17 日）披露，當前中東衝突對投資組合的整體表現產生了負面影響，儘管管理層表示迄今為止影響並不顯著。</p>
<p>在 4 月 24 日舉行的年度股東大會之前，管理層在回應證券持有者的一系列問題時指出，該集團經歷了 “適度的取消，而新預訂的速度有所放緩”。</p>
<p>在其投資組合中，馬爾代夫受到的影響最為明顯，因為其依賴中東航空公司和長途連接。</p>
<p>在奧克蘭和英國部分地區也觀察到了較為温和的預訂速度和個別取消情況。然而，東京、珀斯和慕尼黑等市場則相對穩定。</p>
<p>管理層表示，新加坡作為 CDLHT 的主要市場，迄今為止也保持了相對的韌性。</p>
<p>“3 月份的交易總體穩定，得益於潛在需求和城市活動日曆。儘管某些細分市場出現了一些取消和更為謹慎的情緒，導致輕微的不利影響，但迄今為止未觀察到對預訂趨勢的重大幹擾，” 他們表示。</p>
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<p>雖然管理層將當前的影響描述為 “可控”，但他們警告稱，長期衝突可能通過更高的能源價格、增加的機票、旅行安全、減少的航空連接和更廣泛的通貨膨脹壓力間接抑制需求。</p>
<p>“這可能導致消費者在可自由支配的旅行支出上更加謹慎，也可能促使企業推遲或縮減非必要的旅行。一個關鍵因素是能源價格維持在高位的時間長短，” 他們表示。</p>
<h2>DPS 下降背後的結構性阻力</h2>
<p>在回應有關每個合併證券分配（DPS）下降的問題時，管理層指出，DPS 在截至 2025 年 12 月 31 日的財年中同比下降了 9.8%，降至 0.048 新元，涉及多個結構性和週期性因素。</p>
<p>另見</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>隨着新加坡旅遊前景明朗，CDLHT 期待在翻修拖累後反彈</h3>
<p>“儘管運營表現已顯著改善，但 DPS 受到融資成本上升、投資組合組成變化、某些市場復甦不均以及初步復甦階段後運營條件正常化的影響，” 管理層表示。</p>
<p>關於融資成本的顯著增加，管理層表示，債務的加權平均成本從 2019 年底的 2.2% 上升至 2024 年 9 月的峯值 4.4%。</p>
<p>儘管這一利率在 2025 年底降至 3%，但前期的高利率環境對可分配收入造成了壓力，他們表示。</p>
<p>此外，運營表現也在初步疫情後激增後經歷了正常化。</p>
<p>“在 2024 財年，DPS 同比下降 6.7%，降至 0.0532 新元，主要是由於某些市場在初步疫情後激增後的需求正常化，以及更高的利息成本，” 管理層表示。</p>
<p>在 2025 財年，隨着 DPS 的下降，淨物業收入（NPI）同比下降 4.1%。管理層將此歸因於投資組合內每間可用房間收入的放緩、包括勞動力和公用事業在內的運營成本上升，以及 W 新加坡 - 聖淘沙灣和大千禧奧克蘭的翻修工作造成的臨時干擾。</p>
<p>這兩處物業的 NPI 短缺約為 590 萬新元。管理層指出，若不考慮這些干擾，NPI 將同比略微上升 0.3%。</p>
<p>週五，合併證券單位收盤持平，報 0.835 新元。</p>
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城市酒店信託

<p>CDL 酒店信託（CDLHT）報告稱，由於中東衝突的持續影響，其投資組合受到負面影響，儘管管理層表示這一影響並不顯著。馬爾代夫的取消情況最為嚴重，而新加坡則保持韌性。管理層警告稱，長期衝突可能通過提高能源價格和謹慎的消費支出來抑制需求。此外，每個合併證券的分配（DPS）下降歸因於融資成本上升和疫情後運營條件的正常化。單位價格最終持平，報 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 酒店信託（CDLHT）在週五（4 月 17 日）披露，當前中東衝突對投資組合的整體表現產生了負面影響，儘管管理層表示迄今為止影響並不顯著。</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 日舉行的年度股東大會之前，管理層在回應證券持有者的一系列問題時指出，該集團經歷了 “適度的取消，而新預訂的速度有所放緩”。</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>在其投資組合中，馬爾代夫受到的影響最為明顯，因為其依賴中東航空公司和長途連接。</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>在奧克蘭和英國部分地區也觀察到了較為温和的預訂速度和個別取消情況。然而，東京、珀斯和慕尼黑等市場則相對穩定。</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>管理層表示，新加坡作為 CDLHT 的主要市場，迄今為止也保持了相對的韌性。</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 月份的交易總體穩定，得益於潛在需求和城市活動日曆。儘管某些細分市場出現了一些取消和更為謹慎的情緒，導致輕微的不利影響，但迄今為止未觀察到對預訂趨勢的重大幹擾，” 他們表示。</p>
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<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</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>雖然管理層將當前的影響描述為 “可控”，但他們警告稱，長期衝突可能通過更高的能源價格、增加的機票、旅行安全、減少的航空連接和更廣泛的通貨膨脹壓力間接抑制需求。</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>“這可能導致消費者在可自由支配的旅行支出上更加謹慎，也可能促使企業推遲或縮減非必要的旅行。一個關鍵因素是能源價格維持在高位的時間長短，” 他們表示。</p>
</div><h2>Structural headwinds behind DPS decline</h2>
<div class="lb-trans"><h2>DPS 下降背後的結構性阻力</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>在回應有關每個合併證券分配（DPS）下降的問題時，管理層指出，DPS 在截至 2025 年 12 月 31 日的財年中同比下降了 9.8%，降至 0.048 新元，涉及多個結構性和週期性因素。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>隨着新加坡旅遊前景明朗，CDLHT 期待在翻修拖累後反彈</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>“儘管運營表現已顯著改善，但 DPS 受到融資成本上升、投資組合組成變化、某些市場復甦不均以及初步復甦階段後運營條件正常化的影響，” 管理層表示。</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>關於融資成本的顯著增加，管理層表示，債務的加權平均成本從 2019 年底的 2.2% 上升至 2024 年 9 月的峯值 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>儘管這一利率在 2025 年底降至 3%，但前期的高利率環境對可分配收入造成了壓力，他們表示。</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，運營表現也在初步疫情後激增後經歷了正常化。</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 財年，DPS 同比下降 6.7%，降至 0.0532 新元，主要是由於某些市場在初步疫情後激增後的需求正常化，以及更高的利息成本，” 管理層表示。</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 財年，隨着 DPS 的下降，淨物業收入（NPI）同比下降 4.1%。管理層將此歸因於投資組合內每間可用房間收入的放緩、包括勞動力和公用事業在內的運營成本上升，以及 W 新加坡 - 聖淘沙灣和大千禧奧克蘭的翻修工作造成的臨時干擾。</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>這兩處物業的 NPI 短缺約為 590 萬新元。管理層指出，若不考慮這些干擾，NPI 將同比略微上升 0.3%。</p>
</div><p>Units of the stapled security ended flat at S$0.835 on Friday.</p>
<div class="lb-trans"><p>週五，合併證券單位收盤持平，報 0.835 新元。</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
</div>

城市酒店信託指出中東衝突帶來的負面影響