Gross profit, in the same period, was up 31% y-o-y to $154.4 million.

Revenue, meanwhile, was up 30% y-o-y to $346.9 million, thanks to a resumption in travel demand as well as contributions from new acquisitions.

CLAS’s international portfolio comprises 107 properties with more than 19,000 units in 47 cities across 15 countries in Asia Pacific, Europe and the US as at June 30.

Bob Tan, CLAS's chairman, says the REIT's performance was supported by the "twin pillars" of growth and stable income.

He notes that In 1HFY2023, the REIT's growth income contribution rose to 42% from 32% in 1HFY2022 as it continued to capitalise on the increasing travel demand.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

"Gross profit and REVPAU have further increased, moving closer to our pre-pandemic performance," he adds.

Serena Teo, CEO of CLAS's manager, expects continued demand for CLAS’s properties as international arrivals are projected to further recover to between 80% and 95% of pre-pandemic levels by the end of 20235.

"We also expect international travel to pick up pace as flight capacities increase. Despite macroeconomic uncertainties, CLAS’ performance is expected to remain resilient given our geographic diversification, range of lodging asset classes and different contract types," she says.

CLAS units closed July 27 at $1.11, up 1.83% for the day.

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