Operations Review United States of America (USA) is one of CLAS’ key markets. In FY 2024, USA contributed 23% 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 limited-service 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. 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 is adjacent to the campus of Kent State University. Key Market United States 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 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 threeminute 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 University of Pennsylvania and Drexel University as well as uCity Square, a life science and technology hub with retail, residential, clinical, office and laboratory space. Paloma West Midtown is a freehold property with 525 beds across 183 units located in the heart of Atlanta, Georgia. It is situated across the street from the Georgia Institute of Technology. Seven07 is a freehold property with 548 beds across 218 units located in the city of Champaign, Illinois, less than 200 metres away from the University of Illinois. Standard at Columbia is a freehold property consisting of 678 beds across 247 units, located in Columbia, South Carolina. It primarily serves students from the University of South Carolina. The temporary certificate of occupancy was obtained on 30 June 2023 and the property received its first batch of students in August 2023. On 31 May 2024, CLAS acquired the remaining 10% stake in the property. Properties 11 Total Revenue (FY 2024) S$187.0M Total Gross Profit (FY 2024) S$87.1M Units 2,528 Valuation (as at 31 December 2024) S$1,359.0M Featured property: Standard at Columbia, USA 38 CapitaLand Ascott Trust
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