SINGAPORE (May 2): CGS-CIMB, RHB and UOB are maintaining CDL Hospitality Trusts at “add” after its results came in line with expectations.

Both 1Q18 gross revenue and NPI saw respective increases of 11.6% and 5.4% y-o-y, due to inorganic contribution from The Lowry Hotel in Manchester, UK, and Pullman Hotel Munich in Germany.

However, this was partially offset by softer trading performance from Japan, Maldives and Hilton Cambridge properties. Additionally, fixed rental income was lower from the Australian portfolio due to the divestment of Mercure and Ibis Brisbane in January.

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