11 PROPERTIES S$79.9 million TOTAL GROSS PROFIT (FY 2023) S$1,384.2 million VALUATION (as at 31 December 2023) S$175.1 million TOTAL REVENUE (FY 2023) 2,528 UNITS Standard at Columbia KEY MARKET United States of America (USA) is one of CLAS’ key markets. In FY 2023, USA contributed 24% of CLAS’ gross profit. CLAS owns 11 USA properties under management contracts, consisting of three hotels and eight student accommodation properties. MANAGEMENT CONTRACTS All three hotels in CLAS’ USA portfolio are in New York. Element New York Times Square West, a 411-unit leasehold limited-service hotel and voco Times Square South, a 224-unit freehold limitedservice hotel are strategically located in Midtown Manhattan. Both hotels are within walking distance to the Jacob K. Javits Convention Center (Javits Center), Hudson Yards live-work-play community, as well as the popular Times Square commercial and entertainment district. Both properties are well-connected to several subway lines and other transportation options. Situated in the heart of Tribeca, the 369-unit leasehold Sheraton Tribeca New York Hotel offers prime access to both the financial district and the upscale shopping destination of SoHo. The hotels have an average length of stay of less than a month. To enhance income stability, CLAS expanded its investment mandate in 2021 to include student accommodation properties. CLAS’ eight student accommodation properties are located near renowned universities with competitive athletics programmes, sizeable student populations and a steady enrolment growth. They have an average length of stay of about 12 months. Paloma Kent is a leasehold property located in Kent, Ohio, with 384 beds across 126 units. The property was acquired in February 2022 and offers the closest proximity to Kent State University. CLAS owns two properties in North Carolina, Paloma Raleigh and Uncommon Wilmington. Paloma Raleigh is a freehold student accommodation with 523 beds across 180 units. Located in the city of Raleigh, one of the fastest-growing cities in the USA, Paloma Raleigh serves the students at North Carolina State University, which is about 2 kilometres away. Uncommon Wilmington is a freehold property with 493 beds across 150 units located in the city of Wilmington. It is situated about 1.5 kilometres from the University of North Carolina Wilmington, a short three-minute drive to the campus. Paloma University City is a freehold property comprising 251 beds across 126 units situated in Philadelphia, Pennsylvania. Located in the heart of Philadelphia’s University City, it is walking distance from both the UNITED STATES OF AMERICA OPERATIONS REVIEW ANNUAL REPORT 2023 59 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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