presentation of 1q 2012 results 26 april...

Presentation of 1Q 2012 Results 26 April 2012

2

The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by the H-REIT Manager or M&C Business Trust Management Limited, as trustee of CDL Hospitality Business Trust (the “HBT Trustee-Manager”), or any of their respective affiliates.

An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that holders of the Stapled Securities may only deal in their Stapled Securities through trading on Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared by the H-REIT Manager and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Market data and certain industry forecasts used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Industry publications generally state that the information that they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly, internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified by the H-REIT Manager or the HBT Trustee-Manager and neither the H-REIT Manager or the HBT Trustee-Manager makes any representations as to the accuracy or completeness of such information.

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.

This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or HBT Trustee-Manager.

Disclaimer

3

Table of Contents

Highlights 4

Performance of CDL Hospitality Trusts 8

Healthy Financial Position 14

Outlook 17

Management Strategy 27

Annexe 30

Background and Structure of CDL Hospitality Trusts 30

Information on CDL Hospitality Trusts Properties 40

4

Highlights

5

Executive Summary

(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income available for distribution per Stapled Security (after deducting income retained for working capital) for 1Q 2012 is 2.78 Singapore cents.

(2) The acquisition of Studio M Hotel was completed on 3 May 2011.(3) Income available for distribution (after deducting income retained for working capital) for 1Q 2012 is S$26.9 million.

Financial Highlights(1Q 2012)

19.0% increase year-on-year (“y-o-y”) in gross revenue for 1Q 2012

Record 1Q income available for distribution per Stapled Security of 3.09 Singapore cents (1)

Mainly attributed to:Organic growth from Singapore and overseas properties; Contribution from Studio M Hotel (2), which accounted for approximately S$2.7 million of the gross revenue increase; andReceipt of a full year’s variable income of S$1.8 million (or A$1.3 million) as compared to S$0.84 million (or A$0.65 million) recognised in 1Q 2011 for an 8-month period

CDLHT Financial Highlights (S$’000)

1Q ’12 1Q ’11 Change

Gross Revenue 38,423 32,301 +19.0%

Net Property Income 36,030 30,120 +19.6%

Income Available for Distribution (3)

(bef. deducting income retained for working capital) 29,839 25,347 +17.7%

1

6

Executive Summary

Singapore Portfolio

Singapore Hotels (1) achieved RevPAR of S$213 in 1Q 2012, the highest 1Q RevPARrecorded since the inception of CDLHT, supported by a record 1Q average occupancy of 88.5%

CDLHT Singapore Hotels (1)

1Q ’12 1Q ’11 Change

Occupancy 88.5% 85.8% + 2.7 pp

ARR S$241 S$227 + 6.2%

RevPAR S$213 S$195 + 9.3%

2

(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

Australia Portfolio

CDLHT’s Australia Hotels continued to perform strongly in 1Q 2012

Performance is bolstered by the buoyant natural resource sector and static supply of hotel rooms

7

Executive Summary

Asset Enhance-

ment

Novotel Singapore Clarke Quay:

Upgrade of bathrooms and room touch-ups for remaining 44 guest rooms completed in mid January 2012

Bathroom Standard Room

3

8

Performance of CDL Hospitality Trusts

9

Singapore Hotels Y-o-Y Performance: 1Q ’11 Vs 1Q ’12

88.5%85.8%

70%

80%

90%

100%

1Q '11 1Q '12

227241

150

175

200

225

250

1Q '11 1Q '12

S$ +6.2%

+2.7pp

Average Room Rate (ARR) (1)

Occupancy (1)


195

213

150

175

200

225

1Q '11 1Q '12

S$

+9.3%

Revenue Per Available Room (RevPAR) (1)

10

Record High RevPARs

CDLHT Singapore Hotels achieved the highest recorded 3Q, 4Q and 1Q RevPARs since inception of CDLHT

CDLHT Singapore Hotels Quarterly RevPAR Comparison (1), (2)


(2) For comparative purposes, the RevPARs from 3Q 2008 onwards have been restated to exclude adjustments for F1 levies.

151

170 176 191

208 222

210

188

150 134

152 161

174

195 199194195

205 211 205213

120

140

160

180

200

220

240

1Q 2Q 3Q 4Q

S$

2007 2008 2009 2010 2011 2012

Record High 3Q Record High

4Q

Record High 1Q

11

Rate Growth Supported by Strong Occupancies

CDLHT Singapore Hotels have achieved rate growth y-o-y on the back of strong occupancies, benefiting from the structural boost in the tourism landscape

CDLHT Singapore Hotels Quarterly Occupancy, ARR & RevPAR (1)


85% 86% 90% 89% 84% 87% 86% 84% 75% 75% 86% 89% 84% 88% 92% 90% 86% 88% 89% 89% 89%

179197 196

216

247 255 245224

201178 176 181

207220 217 215

228 232 236 232 241

151170 176

191208

222210

188

150134

152 161174

195 199 194 195 205 211 205 213

40%

50%

60%

70%

80%

90%

100%

1Q'0

7

2Q'0

7

3Q'0

7

4Q'0

7

1Q'0

8

2Q'0

8

3Q'0

8

4Q'0

8

1Q'0

9

2Q'0

9

3Q'0

9

4Q'0

9

1Q'1

0

2Q'1

0

3Q'1

0

4Q'1

0

1Q'1

1

2Q'1

1

3Q'1

1

4Q'1

1

1Q'1

2

0

50

100

150

200

250

300S$

Occ ARR RevPAR

12

2.64

3.09

1.00

1.50

2.00

2.50

3.00

3.50

1Q '11 1Q '12

Singapore cents

32,301

38,423

20,000

30,000

40,000

1Q '11 1Q '12

S$ '000

CDLHT Y-o-Y Performance: 1Q ’11 Vs 1Q ’12

(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). The income available for distribution per Stapled Security (after deducting income retained for working capital) for 1Q 2012 is 2.78 Singapore cents.

+19.0%

36,030

30,120

20,000

30,000

40,000

1Q '11 1Q '12

S$ '000+19.6%

Gross Revenue Income Available For Distribution Per Unit (1)

Net Property Income

+17.0%

13

CDLHT Asset Portfolio

Valuation by Property and Geography (1)

Singapore Portfolio 82.5%

Singapore 82.5%Orchard Hotel 22.2%

Grand CopthorneWaterfront Hotel

17.2%

Novotel Singapore Clarke Quay

14.6%

M Hotel 11.4%

Studio M Hotel 8.0%

Copthorne King’s Hotel 6.4%

Orchard Hotel Shopping Arcade

2.7%

Overseas Portfolio 17.5%

Australia 13.0%Novotel Brisbane 4.6%

Mercure & Ibis Brisbane 4.0%

Mercure Perth 2.8%

Ibis Perth 1.7%

New Zealand 4.5%Rendezvous Grand Hotel Auckland (2)

4.5%

(1) Valuation of all properties as of 31 December 2011.(2) The Rendezvous Hotel Auckland was rebranded Rendezvous Grand Hotel Auckland with effect from 1 April 2012.

14

Healthy Financial Position

15

2,118 2,094

500

1,000

1,500

2,000

2,500

31 Dec '11 31 Mar '12

S$ M

Healthy Balance Sheet

(1) Debt value is defined as bank borrowings and medium term notes, both of which are unsecured.

536 536

0

200

400

600

31 Dec '11 31 Mar '12

S$ M

25.6%25.3%

0%

10%

20%

30%

40%

31 Dec '11 31 Mar '12

Debt Value (1) Debt to Assets Ratio

Total Assets

Ample debt headroom for acquisition opportunities as they surface

16

Credit MetricsUnsecured Debt Terms

S$413.6 million medium term notes issued under the S$1 billion Multi-currency Medium Term Note ProgrammeTenure: 3-year (fixed and variable rate notes) and 5-year (floating rate notes)

(1) Interest cover is computed using the 1Q 2012 net property income divided by the total interest paid/ payable in 1Q 2012.

Debt Facility Details

9.7 x (1)

S$300 million uncommitted multi-currency bridging facility

S$200 million multi-currency committed revolving credit facilityTenure: 3-year term

Revolving Credit Revolving Credit FacilityFacility

Medium Term Medium Term NotesNotes

Acquisition Acquisition FacilityFacility

Fitch Issuer Fitch Issuer Default Rating Default Rating

Interest Coverage Interest Coverage Ratio Ratio

BBB-

Debt to Assets Debt to Assets RatioRatio

25.6%

Weighted Weighted Average Debt to Average Debt to

MaturityMaturity2.1 years

17

Outlook

18

772690

791 779726 750

882 845799

845 830908

857929 939 946 951

997947 979 964

1,127

1,056990

1,072 1,1031,054 1,080

1,2741,178

1,0341,085

1,027

1,2161,1981,133

971

1,095

500

750

1,000

1,250

1,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

'000

2009 2010 2011 2012Source: Singapore Tourism Board (STB)

New record high monthly visitor arrivals since December 2009

February 2012 marked the 12th consecutive month since March 2011 where visitor arrivals surpassed the one million mark

YTD February 2012 visitor arrivals registered 13.9% y-o-y growth

New Record High Monthly Visitor Arrivals to Singapore for Last 27 Months

Monthly Visitor Arrivals

19

Top 10 Inbound MarketsY-o-Y Change for YTD Feb 2012 (1)

Geographical Mix of Visitor Arrivals YTD Feb 2012

All the top 10 inbound markets recorded growth for YTD Feb 2012

YTD Feb 2012 visitors arrivals: 2,330,999

Continued Growth in Arrivals from Top Markets

Indonesia19%

P R China15%

Malaysia8%

Australia7%India

5%Japan5%

Philippines4%

South Korea

4%

UK4%

USA3%

Others26%

1.7%

1.8%

4.6%

5.0%

10.1%

10.6%

12.0%

14.7%

17.2%

27.5%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Australia

Philippines

India

UK

Japan

Malaysia

USA

Indonesia

South Korea

PR China

(1) The top 10 inbound markets are ranked according to growth rates in descending order.Source: Singapore Tourism Board (STB)

20

7.66.1

8.38.9

9.8 10.3 10.1 9.7

11.613.2

17.0

2.3

7.5

14.5

2.0

-

3.0

6.0

9.0

12.0

15.0

18.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2015

Million

Full Year Visitor Arrivals YTD Feb Visitor Arrivals

STB Expects Strong Growth in Visitor Arrivals

Historical and Forecasted Visitor Arrivals in Singapore

Visitor arrivals of 13.2 million exceeded STB’stop end forecast of 13 million for 2011

For 2012, STB forecasted 13.5 to 14.5 million visitors, implying a 2.5% to 10.1% growth y-o-y

YTD February 2012 visitor arrivals grew 13.9% y-o-y

Strong momentum bodes well for CDLHT

Sep 11 & SARS Sub-Prime

10-year CAGR (1) = 5.8%

Implied 4-year CAGR (1), (2) = 6.6%

(1) CAGR denotes compounded annual growth rate.(2) Implied 4-year CAGR is computed on the basis of the actual arrivals of 13.2 million visitors for 2011 and 17 million arrivals by 2015.(3) STB’s forecast for 2012 is 13.5 to 14.5 million visitor arrivals.Source: Singapore Tourism Board (STB)

STB’s Forecast (3)

(3)13.5 to

21

Growth Supported by Continued Makeover of Singapore into a World-Class Entertainment Hub…

Upcoming attractions will continue to enrich the experience of visitors…

Incr

easi

ng e

nter

tain

men

t quo

tient

Gardens by the Bay

3Q 2012 (1)

River Safari Singapore Sports Hub National Art Gallery

2Q 2014 (1) 2015 (1)

Universal Studios Singapore, RWS

Nightclubs at Crystal Pavilion and ArtScience Museum, MBS

Maritime Experiential Museum and Aquarium, RWS

Shopping and dining, MBS

Integrated Resorts have added diversity and excitement to the tourism landscape…

(1) Completion / opening dates are preliminary indications as publicly announced and may be subject to change.Note: Images courtesy of Marina Bay Sands, Singapore Tourism Board (STB), Singapore Sports Council, Resorts World Sentosa, Wildlife Reserves SingaporeSources: Channel NewsAsia, MyPaper, Singapore Tourism Board (STB), The Business Times, The Straits Times, TODAY, Wildlife Reserves Singapore, CDLHT research

Bay South, Jun 2012 (1)

3Q 2012 (1) 2Q 2014 (1) 2015 (1)2Q 2014 (1)

Family, fun & sports

Shopping & dining

Arts, heritage & culture

Clubs & buzzing nightlife

Gaming

22

…Transformation into an Asian Home Port for World’s Leading Cruise Liners…

Several of the world’s leading cruise companies, such as Star Cruises, Royal Caribbean International, Costa Cruises, Norwegian Cruise Line, P&O and Silversea Cruises, have made Singapore a home port for their Asian operations

Among the new entrants reportedly coming to Singapore for 2011/12 period are US-based Seabourn, French cruise line Compagnie du Ponant, Germany-based AIDA Cruises and Italy’s Costa Cruises

Growing Cruise Hub

The S$500 million ICT slated to open in 2Q 2012

Two new berths at ICT will double Singapore’s cruise berthing capacity

ICT to be able to accommodate the world’s largest cruise ships

New Tourism Infrastructure – International Cruise Terminal (“ICT”)

(1) Sources: Business Monitor International – Singapore Tourism Report – Q4 2011, Business Times, Channel News Asia

23

…Broadening Travel Options and Lowering Travel Costs…

Jetstar committing another US$500 million into its Singapore hub

Additional seven planes, boosting its operations here by an extra 40 weekly flights

First LCC to fly Singapore-Sydney starting mid 2012

Targeting Australia, New Zealand, Middle East, North and South Asia

Note: Chart is a diagrammatic depiction, not drawn to scale. Airplanes images courtesy of airplaneclipart.comSources: Channel NewsAsia, The Business Times, The Edge, Changi Airport Group (Changi Connection Dec 2011 Issue), CDLHT research

Traffic on LCCs grew 26.3% y-o-y for 2011

LCCs have gone from nothing to about 28.6% of all flights at Changi Airport in seven years

Changi Airport serves 13 LCCs from at least six countries now

Daily flights to New Delhi & Mumbai

With addition of IndiGo in Sep 2011, Singapore will be linked to India by ~380 weekly flights with connections to 11 destinations

Strong growth in low cost carrier (“LCC”) passenger traffic

IndiGo Airlines

India’s largest LCC

Scoot

Singapore Airlines’new long-haul LCC

Jetstar

More investment into Singapore hub

Singapore

Sydney

Singapore

India

Jetstar

Singapore

US$500 mil

24

Meetings, Incentives, Conventions and Exhibitions – Next Stage of Tourism Growth

Sources: Channel NewsAsia, The Business Times, Singapore Tourism Board (STB)

Meetings, Incentives,

Conventions and Exhibitions

(“MICE”)

1,460

2,130

1,000 1,500 2,000 2,500

2010

2011

No. of events

+46%

On top of the S$2 billion committed in 2005, the government is pumping S$905 million over the next 5 years for next stage of tourism growth

One third set aside to develop the MICE sector

Of the 13.2 million visitor arrivals in FY 2011, STB estimates that a third of the arrivals were here for business events

No. of conventions, conferences and tradeshows

25

Limited New Supply(1) of Rooms in 2012

(1) New supply of rooms is a summation of new rooms deducted by existing rooms taken out of inventory for redevelopment.(2) Implied 4-year CAGR is computed on the basis of the actual arrivals of 13.2 million for 2011 and 17 million arrivals by 2015.(3) Consists of both gazetted and non-gazetted room count as at 31 Dec 2011.Sources: The Business Times, Singapore Tourism Board (STB), Horwath HTL (as at January 2011) and CDLHT research.

Current and Expected Hotel Room Supply in Singapore

Supply is expected to grow at a CAGR of 3.5% for the next 3 years Lower than the 4-year CAGR of 6.6% expected for visitor arrivals (2)

49,719

55,164

0

1,5302,054

1,861

35,000

40,000

45,000

50,000

55,000

60,000

2011 2012 2013 2014 Total 2014

No. of Hotel Rooms 3-year CAGR = 3.5%

Current estimated hotel supply Estimated future net hotel supply Estimated hotel supply by end-2014Key:

(3)

26

Potential Supply of New Singapore Hotel Rooms Until 2014

Source: Horwath HTL (as at January 2012) and CDLHT research

Name of Hotel No. of Rms

HorwathRating Location Expected

Opening

Bay Hotel 333 Mid Tier City Centre 2012

Parkroyal at CBD 363 Mid Tier City Centre 2012

Hotel Grand Central (Redevelopment)

-400 Mid Tier City Centre 2012

Dorsett Hotel & Residences 285 Mid Tier City Centre 2012

Parkroyal Serviced Suites 90 Upscale/Luxury City Centre 2012

Aqueen Hotel Jalan Besar 86 Economy Outside City Centre 2012

Aqueen Hotel Paya Lebar 100 Economy Outside City Centre 2012

Park Avenue Changi 170 Mid Tier Outside City Centre 2012

Mövenpick Hotel Sentosa 61 Upscale/Luxury Sentosa 2012

RWS - Equarius Hotel 172 Upscale/Luxury Sentosa 2012

W Hotel Sentosa Cove 240 Upscale/Luxury Sentosa 2012

RWS - Spa Villas 30 Upscale/Luxury Sentosa 2012

Carlton Project 374 Mid Tier City Centre 2013

Year No. of Rms Luxury / Upscale Mid-Tier Economy2012 1,530 593 39% 751 49% 186 12%

2013 2,054 866 42% 928 45% 260 13%

2014 1,861 305 16% 1,151 62% 405 22%

Total (2012 – 2014) 5,445 1,764 32% 2,830 52% 851 16%

Name of Hotel No. of Rms Horwath Rating Location Expected

Opening

Holiday Inn Express (Orchard) 220 Mid Tier City Centre 2013

Ogilvy Centre (Sofitel) 134 Upscale/Luxury City Centre 2013

Traders Hotel (former Phoenix Hotel)

502 Upscale/Luxury City Centre 2013

Aqueen Hotel Geylang 100 Economy Outside City Centre 2013

Aqueen Hotel Tyrwhitt 160 Economy Outside City Centre 2013

Fairy Point Hill 188 Mid Tier Outside City Centre 2013

Modena Changi Business Park 146 Mid Tier Outside City Centre 2013

One Farrer Hotel 230 Upscale/Luxury Outside City Centre 2013

Holiday Inn Express (Havelock) 460 Mid Tier City Centre 2014

Robertson Quay Site 300 Mid Tier City Centre 2014

Westin SG Marina Bay (Asia Square Tower 2)

305 Upscale/Luxury City Centre 2014

Days Inn Balestier 405 Economy Outside City Centre 2014

Ramada Balestier 391 Mid Tier Outside City Centre 2014

27

Management Strategy

28

Management Strategy

Maximise revenue management opportunities

Implement asset enhancement initiatives to optimise asset potential

Pursue yield accretive, quality assets with investment rigour and disciplineTap on potential pipeline from M&C / CDLTap on global network for third party assets

Maintain a healthy balance sheetEnhance financial flexibility

Nurturing for Growth

Organic

Growth

Acqu

isitio

nFinancial

Foundation

Acquiring for Growth

Balancing the Foundation for Growth

29

Asset Enhancement Initiatives: Novotel Singapore Clarke Quay

Before

Upgrade of bathrooms and room touch ups for remaining 44 guest rooms completed in mid January 2012

Before After

After

Guest Rooms

Bath-rooms

30

Background and Structureof CDL Hospitality Trusts

31

Post IPO Performance

Background on CDLHT

IPO on 19 July 2006

Listed on SGX Mainboard

Sponsored by Millennium & Copthorne Hotels plc (listed on LSE)

First Hotel REIT in Asia ex Japan

Background

Source: Unit price data from Bloomberg

S$1,804 million as of 25 April 2012

Market Capitalisation

Unit price increaseIPO to 25 April 2012 = +125%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

Jul-0

6

Sep-

06

Nov

-06

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep-

07

Nov

-07

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep-

08

Nov

-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep-

09

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep-

10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

IPO = S$0.83

Announcement of Rendezvous Hotel Auckland Acquisition

= S$1.10

Annoucement of Novotel Clarke

Quay Acquisition = S$2.01

Announcement of Equity Fund Raising

= S$2.28

31 Dec'07= S$2.35

High (10 Jul ’07) = S$2.66

31 Dec '08= S$0.730

31 Dec '09= S$1.75

Announcement of Australia Hotels Acquisition

= S$1.80

31 Dec'11= S$1.55

Announcement of Private Placement = S$1.89

31 Dec '10= S$2.08

Announcement of Studio M Acquisition

= S$1.94

25 Apr '12= S$1.87

31 Mar '12= S$1.74

32

Management services

and acts on behalf of the holders of

the HBT Units

CDLHT Structure

(1) Currently dormant.(2) To be appointed by HBT when HBT is activated.

Note: For simplicity, the diagram does not include the relationships in relation to Orchard Hotel Shopping Arcade. Orchard Hotel Shopping Arcade tenants will pay rent to H-REIT directly and H-REIT Manager will manage Orchard Hotel Shopping Arcade directly.

Holdings of Stapled Securities

Sponsor Investors

Master Lessees

Hotel Manager

DBS Trustee

M&C REIT Management Limited

(H-REIT Manager)

M&C Business Trust Management Limited

(HBT Trustee Manager)H-REIT (owns hotels)

HBT(1)

H-REIT HBT

≈35.3% as at 31 Mar 2012

≈64.7%as at 31 Mar 2012

Distributions

Stapling Deed

Lease of Hotels

Lease of Hotels

RentActs on behalf of the holders of H-REIT Units

Management services

Hotel Manager(2)

33

Blue Chip Sponsor and Parentage

Millennium & Copthorne Hotels plc City Developments Limited

One of the largest property developers in Singapore with a market capitalisation of ~S$9.4 billion (1)

Debt to assets ratio of 29% as at 31 Dec 2011

Listed on the London Stock Exchange with market capitalisation of ~ £1.5 billion (1)

Debt to assets ratio of 13% as at 31 Dec 2011

(1) As at 25 April 2012Source: Bloomberg

34

Summary of Leases and Lease Structures

Singapore IPO Portfolio & Studio M

Favourable Lease Structure in Base Portfolio

Rendezvous Grand Hotel Auckland (1):Base rent + Variable rentBase rent escalates at 2.75% per annumTerm of 10 years from 7 September 2006 with 5 year option

NZ RendezvousHigh Degree of Stability

Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel:20% of Hotel's revenue + 20% of Hotel’s gross operating profit, with a fixed rent floor of S$26.4 mTerm of 20 years from Listing with 20 year option

Orchard Hotel Shopping Arcade:H-REIT receives rents direct from tenants

Novotel Singapore Clarke Quay:Lease based on gross operating profit less Accor’s management feeVariable rental payment of more than 90% of gross operating profit, depending on Novotel Singapore Clarke Quay’s performanceTerm ~ 13.5 years from 7 June 2007, expiring 31 December 2020Lessee will provide a S$6.5 m reserve to fund shortfall in event annual rent is below S$6.5 m

Singapore NCQLease Structure with

Reserve and High Variable Rent

Australia PortfolioHigh Stability and Significant Upside

Potential

Novotel, Mercure & Ibis Brisbane, Mercure & Ibis Perth:Base rent + Variable rentBase rent: A$13.7 m per annumVariable rent: 10% of portfolio’s net operating profit in excess of base rentTerm ~ 11 years from 19 February 2010, expiring 30 April 2021

Studio M Hotel: 30% of Studio M Hotel’s revenue + 20% of Studio M Hotel’s gross operating profit, with a fixed rent floor of S$5.0 m for the initial 10 years of the lease 1st twelve months Guarantee Net Rent: S$9.24 million (or a net yield of ~6% per annum of purchase consideration of S$154.0 million)

(1) The Rendezvous Hotel Auckland was rebranded Rendezvous Grand Hotel Auckland with effect from 1 April 2012.

35

Income Stability from Minimum Rent

11.8

17.9

0

10

20

30

40

S$ M

Minimum Rent (1) (39.7%)

Variable Rent (60.3%)

Singapore Properties (1Q 2012) All CDLHT Properties (1Q 2012)

Overseas Properties (1Q 2012)

(1) For the purpose of computing minimum rent for 1Q 2012 for the Singapore properties, we have included the (i) prorated fixed rent from the IPO Hotels; (ii) prorated first 12-mth guarantee net rent from Studio M Hotel; (iii) S$1.3 million retail rent from Orchard Hotel Shopping Arcade; and (iv) prorated rent reserve provided by Accor S.A. for Novotel Singapore Clarke Quay.

(2) For the purpose of computing the minimum rent for 1Q 2012 for the overseas properties, we have included the prorated base rent from all the 6 Australia and New Zealand hotels.

Variable Rent, 51.3%

Minimum Rent, 48.7%

Gross Revenue (1Q 2012) S$38.4 million

6.9

1.8

0

5

10S$ M

Minimum Rent (2) (79.6%)

Variable Rent (20.4%)

Minimum Rent (1), (2)

29.7

8.7

36

Gross Revenue Breakdown: 1Q ’11 Vs 1Q ’12

Gross Revenue of CDLHT Properties

Key: Y-o-Y %Change

Studio M Hotel N.M.

Australia Portfolio + 19.6%

Rendezvous Grand Hotel Auckland (1) + 9.3%

Orchard Hotel Shopping Arcade + 3.7%

Copthorne King’s Hotel + 9.6%

M Hotel + 3.5%

Novotel Singapore Clarke Quay + 14.0%

Grand Copthorne Waterfront + 7.7%

Orchard Hotel + 9.6%6.7 7.3

5.6 6.1

4.85.5

4.04.1

2.52.71.31.32.4

5.3

6.3

2.2

2.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

1Q '11 1Q '12

S$ M

S$32.3M

S$38.4M

+ 19.0%


37

Property Orchard Hotel

Grand Copthorne

Waterfront Hotel

M Hotel CopthorneKing’s Hotel

NovotelSingapore

Clarke Quay

Studio M Hotel

Orchard Hotel Shopping

Arcade

Singapore Portfolio

Number of Rooms 656 574 413 310 403 360 N/A 2,716

Valuation at 31 December 2011 S$450.0 M S$350.0 M S$232.0 M S$129.0 M S$296.0 M S$163.0 M S$54.8 M S$1,674.8 M

Acquisition Date July 2006 July 2006 July 2006 July 2006 June 2007 May 2011 July 2006 -

CDLHT Asset Portfolio – Singapore

38

CDLHT Asset Portfolio – Overseas

Property Rendezvous Grand

Hotel Auckland (1)

Novotel

Brisbane

Mercure

Brisbane

Ibis

Brisbane

Mercure

Perth

Ibis Perth Australian

Portfolio

Overseas

Portfolio

Number of Rooms 452 296 194 218 239 192 1,139 1,591

Valuation at 31 December 2011

NZ$90.0M(S$90.5M)(1)

A$71.7M (S$94.3M)(2)

A$61.0M (S$80.2M)(2)

A$43.0M (S$56.5M)(2)

A$25.5M (S$33.5M)(2)

A$201.2M (S$264.6M)(2) S$355.0M

Acquisition DateDecember

2006February

2010February

2010February

2010February

2010February

2010February

2010-

Location New Zealand Australia Australia Australia Australia Australia Australia -

(1) The Rendezvous Hotel Auckland was rebranded Rendezvous Grand Hotel Auckland with effect from 1 April 2012.(2) Based on exchange rate of NZ$1 = S$1.0055 as at 31 Dec 2011.(3) Based on exchange rate of A$1 = S$1.3150 as at 31 Dec 2011.

39

Increase in CDLHT Total Property Value

(1) Valuation of Australia Hotel Portfolio as at 31 Dec 2011, converted based on exchange rate of A$1 to S$1.3150.(2) Valuation of Rendezvous Grand Hotel Auckland as at 31 Dec 2011, converted based on exchange rates of NZ$1 to S$1.0055. (3) Source: Valuation reports from CBRE Pte. Ltd for Singapore properties; CBRE Pty Ltd for Australia Hotel Portfolio and Bayleys Valuations Limited for Rendezvous Hotel Auckland

as at 31 Dec 2011. (4) The Rendezvous Hotel Auckland was rebranded Rendezvous Grand Hotel Auckland with effect from 1 April 2012.

330 385 458 423 413 429 450

267334 309 315 350

275266 267 276

296

162191

253227 225 229

232

86101

141120 118 125

129

35

35

4043 54

5455

123

12899

90253

265

163

234

322

93 110

0

500

1,000

1,500

2,000

IPO 31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011

.

S$ M

Studio M

Australia Hotel Portfolio

Rendezvous Grand Hotel Auckland

Orchard Hotel Shopping Arcade

Copthorne King's Hotel

M Hotel

Novotel Clarke Quay

Grand Copthorne Waterfront Hotel

Orchard Hotel

846.3M

1,101.9M

1,628.8M

Key:

+ 30.2%

+ 47.8%

1,481.2M

- 9.1% + 1.4%

1,501.6M

1,787.1M

+ 19.0%2,029.8M

+ 13.6%

Valuation of CDLHT Properties

(1), (2), (3)

(4)

40

Information on CDL Hospitality Trusts Properties

41

AUCKLAND CITY CENTRE

H

Hotels in Strategic Locations

Singapore Hotels New Zealand Hotel

Rendezvous

Grand Hotel

Auckland (1)

MARINA BAY SANDS

BUSINESS &FINANCIAL

CENTRE SITE

Orchard Hotel & Shopping Arcade

Copthorne King’s Hotel

Grand CopthorneWaterfront Hotel

M Hotel

NovotelSingapore

Clarke Quay

CENTRALBUSINESSDISTRICT

SINGAPORERIVER

H

HH

H

H

H

Studio M Hotel


42

Australia Hotels

CBD AREA

Hotels in Strategic Locations

H

H

HH

Perth CBD

Ibis Brisbane

MercureBrisbane

NovotelBrisbane Ibis Perth

MercurePerth

H

Brisbane CBD

43

Orchard Hotel, Singapore

656 roomsLocated on Orchard RoadLarge pillar-less ballrooms & extensive conference facilitiesCaters to both corporate and leisure segments

Significant Highlights

Green Mark (Gold) by Building Construction Authority 2011World Gourmet Series Awards of Excellence 2012

Group Masterchef Chan Kwok - Hall of Fame InducteeMasterchef Lap Fai - Asian Cuisine Chef of The Year

Singapore Service Class Certificate for business excellence in service standards by Spring Singapore in 2011Chef of the Year & Asian Chef of the Year at Asian Gastronomic Awards of Excellence 2011 – Hua Ting Group Master Chef Chan KwokPrestigious awards received by Hua Ting Restaurant:

Voted one of Asia’s finest restaurants and included in The Miele Guide 2011/2012 Asia Tatler’s Best Restaurants 2008 to 2012Singapore Tatler’s Best Restaurants 2006 to 2012Wine & Dine Singapore’s Top Restaurants 2006 to 2012

Accolades

44

Grand Copthorne Waterfront, Singapore

574 roomsLocated between CBD & Orchard Road, within close proximity to Robertson Quay, Boat Quay & Clarke QuayOne of the largest conference facilities in SingaporeWell positioned for the MICE market


Accolades

Singapore Service Class Certificate for business excellence in service standards by Spring Singapore in 2012Green Mark (Gold) by Building Construction Authority 2011Culinary Challenge Gold Medal (Hot Cooking –Western) by Food & Hotel Asia 20102009 / 2010 Singapore Experience Awards by STB, Finalist – Best Business Event Venue Experience & Meeting of the YearHospitality Asia Platinum Awards 2009 to 2011 by World Asia Publishing, Singapore Series:

Best Pastry ChefThird Place – Best Housekeeping Team

45

M Hotel, Singapore

413 roomsLocated in the heart of the financial districtClose to government offices, integrated resorts and Marina BayStrong following of business travellers


Green Mark (Gold) by Building Construction Authority 2011SHA Singapore Green Hotel Award 2009 & 2011ASEAN Green Hotel Award 2012Hospitality Asia Platinum Awards 2009 – 2011 Singapore Series - Best Deluxe Hotel & Top 5 for Best Business HotelHotel Security Award 2009 – 2011Wine & Dine Singapore’s Top Restaurants 2009 –Cafe 2000 & The BuffetSimply Dining Singapore’s Top Restaurants 2009

Best Buffet Restaurant – The BuffetSilver Star Award – Cafe 2000Silver Star Award – The Buffet

Accolades

46

Copthorne King’s Hotel, Singapore


Boutique-style business hotel with 310 roomsLocated within close proximity to CBD, convention / exhibition belt, Orchard Road, Robertson Quay, Boat Quay and Clarke QuayStrong corporate segment focus and specialty events hotel host

Accolades

Green Mark (Gold) by Building Construction Authority 2012Excellent Service Award 2004 - 2010 by SHA & Spring SingaporeFinalist for Most Popular Hotel in Asia by HotelClubAwards 2009Top 10 Buffets in Singapore by AsiaOne People Choice Awards 2009 & 2011Wine & Dine Singapore’s Top Restaurants

2007 to 2012 – Tien Court2005 to 2012 – Princess Terrace

Singapore Tatler’s Best Restaurants 2007 to 2012 –Tien Court & Princess Terrace

47

Novotel Singapore Clarke Quay, Singapore


Accolades

Prime mid-scale hotel with 403 rooms Leasehold Located in immediate proximity to Clarke Quay, Robertson Quay and Boat Quay: Singapore’s premier entertainment hubRoom touch ups, upgrading of all bathrooms and renovation of Premier Lounge over the course of FY 2011 was completed in Jan 2012

EarthCheck Certified for its commitment to environmental and sustainable development ASEAN Green Hotel Standard Award for 2010 –2011, Singapore Green Hotel Award 2010 - 2011Singapore Tourism Award 2008 “Best Superior Hotel”Excellent Service Award 2008Accor Asia Pacific – GOPPAR Award – Highest Gross Operating Profit per Available Room) in the regionAccor Asia Pacific – Sales Distribution Award –Highest Web Distribution (Accor Site and 3rd Party) in the region

48

Studio M Hotel, Singapore


Accolades

360-room hotel opened in March 2010

Stylish and contemporary design set to capture growing business and leisure segments

Vibrant lifestyle options near the Robertson Quay precinct and in proximity to CBD, tourist attractions, integrated resorts and convention centres

Tripadvisor Travellers Choice 2012 – Top 4 Trendiest Hotel in Singapore AsiaOne Readers’ Choice Award 2010 – Top 3 Best Boutique Hotel in Singapore

49

Net Lettable Area 5,956.1 sq m

CBRE’s valuation S$54.8M

Valuation psm (psf) S$9,201 psm (S$855 psf)

% of total valuation ~2.7%

Leasehold Interest 75 years from Listing Date

Orchard Hotel Shopping Arcade, Singapore

50

Rendezvous Grand Hotel Auckland (1), New Zealand

452 rooms – largest hotel in Auckland by roomsFreeholdLocated in the central business district and next to a major conference centre

EarthCheck Certified 2009 – 2011, Bronze Restaurant award for Pacific Restaurant Category Winner : FormalDining New Zealand Restaurant of the Year 2009 Sliver Medal for Service both at the New Zealand Culinary Fare 2009


Accolades


51

Novotel, Mercure and Ibis Hotels, Brisbane


Novotel Brisbane4.5 star accommodation with 296 modern, well-appointed rooms and suites Freehold Located next to Central Station and the CBD, Queen Street Mall and the Riverside boardwalkComprehensive conference and leisure facilities of ten dedicated rooms with capacity for up to 350 delegatesRefurbishment of all rooms, lobby and restaurant completed in May 2011EarthCheck Certified 2009 – 2011, Silver

Mercure Brisbane4 star accommodation with 194 spacious and stylish rooms and suites, overlooking the Brisbane River Freehold Located steps from the Queen Street Mall shopping precinct, Brisbane Convention and Exhibition Centre Three floors of function facilities and eleven conference rooms

Ibis Brisbane3.5 star accommodation with 218 roomsFreehold Well-situated in the heart of the Government and Corporate precinct

Mercure Brisbane

Ibis Brisbane

Novotel Brisbane

52

Mercure and Ibis Hotels, Perth


Mercure Perth4.0 star accommodation with 239 rooms and suites Freehold

Offers six meeting rooms available for up to 350 delegates

Situated in Perth’s CBD and within walking distance to the Swan River, shopping and entertainment

Ibis Perth3.5 star accommodation with 192 rooms Freehold

Located steps from the Murray and Hay Street shopping belt within Perth’s CBD

Awarded Best Standard Accommodation by the Perth Airport Western Australia Tourism Awards 2011

Mercure Perth

Mercure Perth

Ibis Perth

Mercure Perth

Ibis Perth

53

THANK YOU

presentation of 1q 2012 results 26 april...

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