39 Annual Report 2025 Operational Updates In 2025, New York City (NYC) welcomed approximately 64.7 million visitors, a modest increase from 64.3 million visitors in 2024 and falling short of pre-pandemic levels. Tariffs and negative rhetoric around travel to USA contributed to a decline in international arrivals, which was mitigated by an increase in domestic tourism1. The hotel industry in NYC experienced a 4.5% increase in RevPAU in 2025, driven by a 4.7% rise in the ADR, while occupancy slightly decreased by 0.2%2. CLAS’ hotels in NYC maintained positive momentum in 2025, with RevPAU rising by 9% YoY in USD terms. Demand was primarily driven by transient stays, bolstered by major city-wide events, MICE activities, and stable corporate demand. Additionally, the supply of new hotel rooms remained limited. In 2026, NYC is forecasted to receive about 66 million visitors, with domestic tourism expected to be a key driver of the city’s tourism recovery1. The outlook for CLAS’ hotels continues to be positive, with stronger demand expected during events and holiday periods. Sheraton Tribeca New York hotel is under refurbishment from 1Q 2026 to 4Q 2026. The performance of CLAS’ student accommodation properties in USA moderated from a year ago. For the academic year (AY) 2025-2026, the average occupancy of the properties was approximately 89%, and rent decreased marginally by about 0.9% due to an increase in supply in some markets. As an industry, pre-leasing for the AY 2026–2027 started more slowly than recent cycles, reflecting later leasing decisions by students amid a more uncertain economic backdrop. However, leasing momentum improved toward the end of 2025, suggesting resilient demand in core university markets3. As of February 2026, pre-leasing at CLAS’ student accommodation properties is ahead of the previous AY. With over 90% of the tenants being local students from reputable universities with high enrolment rates, CLAS’ properties are less affected by changes in international visa policies. Hotels Gross Rental Income (USD’000) Revenue Per Available Unit (USD) FY 2025 FY 2024 FY 2025 FY 2024 Properties under Management Contract Element New York Times Square West 37,170 33,717 248 224 Sheraton Tribeca New York Hotel 38,532 35,950 282 262 voco Times Square South 19,293 17,958 219 204 Student Accommodation Gross Rental Income (USD’000) Rent Per Available Bed (USD) FY 2025 FY 2024 FY 2025 FY 2024 Properties under Management Contract Paloma Kent 3,489 3,502 757 760 Paloma Raleigh 5,766 5,708 919 910 Paloma University City 4,366 4,573 1,407 1,471 Paloma West Midtown 7,286 7,499 1,156 1,190 Seven07 7,633 7,410 1,161 1,127 Standard at Columbia 9,440 8,403 1,160 1,033 Uncommon Wilmington 4,970 4,872 840 824 Wildwood Lubbock 5,344 5,706 443 473 1 Source: New York City Tourism + Conventions (2026). 2 Source: CoStar (2026). 3 Source: RealPage (2026).
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