GROSS RENTAL INCOME (GBP’000) REVENUE PER AVAILABLE UNIT (GBP) FY 2024 FY 2023 FY 2024 FY 2023 Citadines Barbican London 6,242 6,343 129 132 Citadines Holborn-Covent Garden London 7,833 9,576 107 132 Citadines South Kensington London 5,672 5,409 160 155 Citadines Trafalgar Square London 14,130 14,029 200 199 The Cavendish London1 19,409 1,459 204 201 1 The acquisition of the property was completed on 30 November 2023; hence the gross rental income and RevPAU stated for FY 2023 are for December 2023. The RevPAU of CLAS’ UK properties increased 4% YoY in GBP terms, mainly due to the contribution from The Cavendish London, which was acquired in November 2023. Resilient demand was observed from the transient segment, particularly during the summer and year-end holiday seasons. Several events, such as the Taylor Swift concerts and the 2024 Wimbledon Championships, provided a boost to the properties’ performance. On a same-store basis, RevPAU fell 4%, largely due to the refurbishment of Citadines Holborn-Covent Garden London from 3Q 2023 to 3Q 2024. Excluding both The Cavendish London’s contribution and the units under renovation at Citadines Holborn-Covent Garden London, RevPAU increased 1%. The outlook for the UK hospitality market in 2025 is generally positive, albeit with a low growth scenario2. Lower interest rates, leading to a weakening Pound, could boost inbound tourism. RevPAR for the London market is forecasted to increase by 3%, driven primarily by occupancy2. Concerts by Oasis and Coldplay, in addition to annual recurring UK sporting and music events, are anticipated to provide an uplift. As CLAS’ properties are under MCMGI, they will benefit from any increase in lodging demand, while the minimum guaranteed income offers protection against downside risks. Higher room rates and income contribution are expected from Citadines Holborn-Covent Garden London post-renovation. Corporate and group stays will continue to provide a stable base for CLAS’ serviced residences. The Cavendish London is scheduled to undergo renovation from 2025 to 2026, and the capital expenditure will be co-shared with the operator. The property will be rebranded under The Crest Collection, a luxury brand managed by The Ascott Limited. 2 Source: PwC (2024) 37 Annual Report 2024
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