CapitaLand Ascott Trust posts 4% same-store operating growth in Q3
Quarterly profit was relatively stable excluding The Cavendish London, while gearing declined to 37.1 per cent after debt repayments.
CapitaLand Ascott Trust reported a 4 per cent rise in same-store operating performance from a year earlier for the quarter ending Sep 30, 2026. The measure excludes acquisitions, divestments and The Cavendish London, which closed for renovation.
In its Oct 27 business update, the lodging trust said changes to its portfolio affected quarterly profit. Income added by acquisitions during the second half of 2025 and in 2026 was offset by the London closure, property improvement works and divestments. Managers said profit was relatively stable when The Cavendish London was excluded.
Portfolio revenue per available unit, or RevPAU, reached S$164, while average occupancy was 84 per cent. US hotels recorded RevPAU of US$289, up 12 per cent year on year. The trust attributed that growth to events including the Fifa World Cup, US Open and Fashion Week, alongside better post-renovation performance at Sheraton Tribeca New York Hotel.
Singapore RevPAU held at S$197 but declined 4 per cent on a same-store basis. The trust cited the shift of lyf one-north Singapore towards long-stay accommodation. The July 2026 disposal of The Robertson House by The Crest Collection also affected actual RevPAU.
In September, the trust completed its S$134 million purchase of Singapore’s Coliwoo Midtown, using proceeds from The Robertson House’s S$360 million sale.
Gearing fell to 37.1 per cent at Sep 30 from 37.7 per cent the preceding quarter after divestment proceeds were used to repay debt. Its effective annual borrowing cost was 2.9 per cent, with about 80 per cent of debt carrying fixed rates.
