OCBC maintains ‘Hold’ rating on CDL Hospitality Trust

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OCBC Investment Research has maintained a ‘Hold’ rating in Singapore-listed CDL Hospitality Trust after the latter announced earlier in the month that it has appointed AccorHotels as the new resort operator for its property in the Maldives.

The property, Jumeirah Dhevanafushi, will initially operate as Dhevanafushi Maldives Luxury Resort even as AccorHotels takes over on 1 September 2017, said the trust on 14 August.

Following enhancements in late 2018, the property will be repositioned as part of the Raffles Hotels and Resorts collection.

“The asset currently competes at the top end of the Maldives luxury market and has been plagued by a challenging operating environment amongst supply injections and moderating growth from Chinese demand”, said OCBC in an an investment report.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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