Wildwood Lubbock is a freehold property with 1,005 beds across 294 units located in the city of Lubbock, Texas. It is situated 2.7 kilometres from the campus boundary of Texas Tech University. OPERATIONAL UPDATES New York City (NYC), home to CLAS’ hotels, attracted 64.3 million visitors in 2024, surpassing the 61.8 million visitors in 2023 and reaching 97% of the pre-pandemic record levels in 20191. The city’s tourism growth in 2024 was fuelled by robust domestic travel, which accounted for 80% of arrivals, and an uptick in international visitors from traditionally strong source markets, especially Europe1. NYC’s hotel sector exhibited strong performance in 2024, driven by the increase in arrivals. The city achieved the highest full-year occupancy rate amongst the 25 largest cities in USA, representing a YoY increase of around 3.3%. ADR also increased by around 5% YoY1. The limited supply of new hotel rooms in the city was also a significant factor that supported performance in 20242. Aligned with market trends, CLAS’ hotels maintained their strong performance in 2024, primarily driven by domestic leisure travel. In USD terms, CLAS’ RevPAU for FY 2024 rose by 4% YoY, supported by both occupancy and ADR growth. Key demand drivers included large-scale events such as the 79th session of the UN General Assembly and the Presidential Election candidate visits, as well as conferences and festivals such as the NYU International Hospitality Industry Investment Conference and the Tribeca Film Festival. In 2025, NYC is forecasted to receive over 68 million visitors, surpassing that of 20241. The outlook for CLAS’ hotels remains positive, with major events, holidays and the continued return of corporate travel driving demand for rooms. CLAS’ student accommodation properties in USA continued to perform well in 2024. For the academic year (AY) 2024-2025, the average leased occupancy of the properties was approximately 90%. Rent growth for the AY was about 4.5% over the previous AY. Excluding Wildwood Lubbock which was undergoing light AEI to its public spaces, rent growth was higher at about 6% over the previous AY. The outlook for the USA student accommodation market is positive. As of December 2024, pre-lease rates of student accommodation beds at core universities stood at 47.1%, ahead of the previous year3. For the upcoming AY 20252026, pre-leasing for CLAS’ properties on a portfolio level is favourable. As at 31 December 2024, Standard at Columbia is about 85% pre-leased for AY 2025-2026, pacing ahead of the market. 1 Source: New York City Tourism + Conventions (2024 and 2025) 2 Source: CBRE (2025) 3 Source: Yardi Matrix (2025) HOTELS GROSS RENTAL INCOME (USD’000) REVENUE PER AVAILABLE UNIT (USD) FY 2024 FY 2023 FY 2024 FY 2023 Element New York Times Square West 33,717 31,623 224 211 Sheraton Tribeca New York Hotel 35,950 34,705 262 254 voco Times Square South 17,958 16,289 204 199 STUDENT ACCOMMODATION GROSS RENTAL INCOME (USD’000) RENT PER BED (USD) FY 2024 FY 2023 FY 2024 FY 2023 Paloma Kent 3,502 3,591 760 779 Paloma Raleigh 5,708 5,306 910 845 Paloma University City 4,573 4,537 1,471 1,460 Paloma West Midtown 7,499 7,696 1,190 1,222 Seven07 7,410 7,141 1,127 1,086 Standard at Columbia1 8,403 3,250 1,033 959 Uncommon Wilmington 4,872 4,572 824 773 Wildwood Lubbock 5,706 6,689 473 555 1 The property obtained its temporary certificate of occupancy in June 2023, and started receiving students from August 2023; hence the gross rental income and rent per bed stated for FY 2023 are for 18 August 2023 to 31 December 2023. 39 Annual Report 2024
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