renovated and rebranded under The Crest Collection, a luxury brand managed by The Ascott Limited, which is expected to enhance its EBITDA yield to approximately 6.5% on a post-renovation stabilised basis4. The valuation of the property is expected to be GBP316.0 million post-renovation and stabilisation in 20275, an increase of GBP97.0 million compared to its valuation of GBP219.0 million as at 31 December 2023. The renovation will be carried out in phases from 4Q 2024 to 4Q 2025 and CLAS will distribute past divestment gains to mitigate the impact from the renovation when the property is temporarily closed during some months. DIVESTMENTS ENTERED INTO IN FY 2023 No. Property Location Sale price Net proceeds Premium over book value Exit yield1 Divestment date / target completion date 1 Citadines City Centre Lille Lille, France EUR44.4M (S$64.7M) EUR34.1M (S$49.7M) 63% 4% Sep 2023 2 Citadines Croisette Cannes Cannes, France 3 Citadines Castellane Marseille Marseille, France 4 Citadines Prado Chanot Marseille Marseille, France 5 Hotel WBF Honmachi Osaka, Japan JPY10.7B (S$99.8M) JPY3.9B (S$36.4M) 15% Not meaningful Mar 2024 6 Hotel WBF Kitasemba East Osaka, Japan 7 Hotel WBF Kitasemba West Osaka, Japan 8 Courtyard by Marriott Sydney-North Ryde Sydney, Australia AUD109.0M (S$95.6M) AUD98.0M (S$85.9M) 5% 4.4% Jan 2024 9 Novotel Sydney Parramatta Sydney, Australia 3Q 2024 INVESTMENT Acquisitions In November 2023, CLAS acquired three properties in London, Dublin and Jakarta. The properties were acquired at a combined agreed property value of S$530.8 million. The EBITDA yield of the acquisition was 6.2%3 and the accretion to DPS was 1.8%. The acquisition was funded by a mix of equity, debt and part of the proceeds from the divestment of the four France properties. All three properties are in prime locations within key capital cities and are well-positioned to capture travel demand. The Cavendish London, which comprises 230 units, is well-located in the exclusive Mayfair high-end shopping district of central London and the 136-unit Temple Bar Hotel is in the Temple Bar district, both of which are high-traffic areas near iconic attractions. The 185-unit Ascott Kuningan Jakarta is in the capital city’s central business district (CBD), close to embassies and commercial offices. The Cavendish London presents an excellent value-add opportunity for CLAS. The property will be Invested in S$530.8M of lodging assets in FY 2023, delivering EBITDA yield of 6.2% 3 The EBITDA yield of 6.2% is on a FY 2022 pro forma basis and based on agreed property value of the properties excluding the milestone payment and before AEIs, if any. Including the milestone payment, the EBITDA yield is 5.1%. 4 Based on stabilised EBITDA before furniture, fixtures and equipment reserves in year 2027/28 over The Cavendish London’s agreed property value, estimated capitalised costs, and estimated proportion of project cost attributable to CLAS. Such EBITDA figures are from the HVS London valuation. The property's EBITDA yield was 4.1% on a FY 2022 pro forma basis. 5 Based on the valuation by HVS London. ANNUAL REPORT 2023 23 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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