27 Annual Report 2025 228 units. Prominently situated in the Brisbane CBD and facing the Brisbane City Hall, the hotel is within walking distance to the city’s key attractions and landmarks. The properties under MCMGI and management contracts have an average length of stay of less than one month. Operational Updates According to Tourism Research Australia, the number of domestic overnight trips was up 1% YoY, while number of nights decreased 1% YoY in the 12 months to September 2025, as Australians continued to travel domestically but opted for shorter trips. Meanwhile, international arrivals increased 8% YoY, mainly driven by visitors from China and United Kingdom. Total trip expenditure in Australia, from both domestic and international short-term visitors, rose 5% to AUD189 billion over the same period1. The Australian accommodation sector ended 2025 on a strong footing, with improved performance across most capital cities. This was underpinned by a robust calendar of major events and a gradual recovery in business travel2. The British & Irish Lions Rugby Tour, a highprofile sporting event held in Brisbane, Melbourne and Sydney, drew significant crowds of between 50,000 to 100,000 attendees in each city, resulting in a combined AUD42 million uplift in hotel revenue3. Against this backdrop, CLAS’ properties under management contracts and MCMGI in Australia delivered solid RevPAU growth in FY 2025, increasing 12% YoY in AUD terms. On a same-store basis, excluding the two properties divested in 2024, RevPAU increased 19%. The master leases, which have fixed rent terms with annual indexation, continued to provide stable income for the portfolio. Revenue of the master leases rose 3% YoY in AUD terms in FY 2025. Demand for accommodation is expected to remain resilient in 2026, on the back of a pipeline of large-scale events that is anticipated to support room rates and occupancy. Key events include the 2026 Ashes Test and AEW Grand Slam in Sydney, the Royal Edinburgh Military Tattoo in Brisbane and the Formula 1 Australian Grand Prix in Melbourne. Domestic travellers are expected to continue to be the main source of demand for CLAS’ properties. Domestic visitor nights are forecast to grow 1.4% in 2026, while international visitor arrivals are projected to increase by 5.2%4. 1 Source: Tourism Research Australia (2025). 2 Source: Accommodation Australia (2026). 3 Source: CBRE Research (2025). 4 Source: Colliers (2026). Serviced Residences Gross Rental Income (AUD’000) Revenue Per Available Unit (AUD) FY 2025 FY 2024 FY 2025 FY 2024 Properties under Master Lease Quest Campbelltown 1,820 1,741 - - Quest Cannon Hill 2,251 2,186 - - Quest Macquarie Park 2,918 2,659 - - Quest Mascot 2,126 1,853 - - Quest Sydney Olympic Park 3,092 3,439 - - Properties under Management Contract Citadines on Bourke Melbourne 20,368 18,949 143 133 Citadines Connect Sydney Airport 7,277 7,013 132 126 Citadines St Georges Terrace Perth 5,430 4,637 175 149
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