CapitaLand Ascott Trust’s same-store operating performance up 4% in Q3

[SINGAPORE] CapitaLand Ascott Trust (Clas) recorded a 4 per cent year-on-year increase in same-store operating performance for its third quarter ended Sep 30, excluding acquisitions, divestments and the closure of The Cavendish London for renovations.

The lodging trust, which has S$8.7 billion in total assets and 106 properties across 16 countries, said in a business update on Tuesday (Oct 27) that profit for the quarter was affected by transitional effects from portfolio reconstitution.

While new acquisitions in the second half of 2025 and 2026 contributed to income, these were offset by the renovation closure of The Cavendish London, as well as income disruptions from ongoing asset enhancement initiatives (AEIs) and divestments.

Excluding The Cavendish London, profit for Q3 remained relatively stable, the managers noted.

Revenue per available unit (RevPAU) for the portfolio stood at S$164 in Q3 2026, with an average occupancy of 84 per cent. On a same-store basis and excluding The Cavendish London, acquisitions and divestments, portfolio RevPAU rose 4 per cent year on year.

The trust’s US hotel portfolio led RevPAU growth, rising 12 per cent year on year to US$289 in Q3, driven by events such as the Fifa World Cup, US Open and Fashion Week, as well as stronger performance at Sheraton Tribeca New York Hotel post-renovation.

US student accommodation revenue also grew 2 per cent to US$13.2 million, with occupancy reaching around 98 per cent for the 2026-2027 academic year.

In Japan, RevPAU for hotels and serviced residences fell 1 per cent to 11,205 yen (US$71), mainly due to the divestment of Citadines Central Shinjuku Tokyo in October 2025. On a same-store basis, however, RevPAU rose 11 per cent, supported by stronger performance across properties in Tokyo and Kanazawa.

Singapore RevPAU was flat at S$197, although it fell 4 per cent on a same-store basis, affected by the repositioning of lyf one-north Singapore as a long-stay property. Actual RevPAU was also affected by the divestment of The Robertson House by The Crest Collection in July 2026.

In the UK, same-store RevPAU dipped 1 per cent to £188 (US$251), while actual RevPAU dropped 4 per cent due to the closure of The Cavendish London. In Australia, RevPAU slid 1 per cent to A$165 (US$116) amid a high base from the British & Irish Lions rugby tour a year prior.

During the quarter, Clas completed the acquisition of Coliwoo Midtown in Singapore for S$134 million in September, funded by proceeds from the S$360 million sale of The Robertson House.

As at Sep 30, Clas’ gearing stood at 37.1 per cent, down from 37.7 per cent in the previous quarter following debt repayments using divestment proceeds. Effective borrowing cost was 2.9 per cent per annum, with about 80 per cent of total debt on fixed rates. Net asset value per stapled security was S$1.14.

Stapled securities of Clas ended 0.6 per cent or S$0.005 higher at S$0.825 on Monday.