CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 8 9 M Social Suzhou | China Artist’s Impression TRANSFORMATION UNLOCKING VALUE IN HOSPITALITY STRONG REBOUND IN GLOBAL OPERATIONS GLOBAL HOSPITALITY PORTFOLIO Over150 hotels Since the privatisation of Millennium & Copthorne Hotels Limited (M&C) in 2019, we have streamlined our portfolio through opportunistic asset divestments to unlock latent value and reallocate capital for growth. These include the record sale of Millennium Hilton Seoul and the completion of the collective sale of Tanglin Shopping Centre in 2022 – both held by M&C. Spurred by the continued recovery and restored confidence in global travel, our hotel operations made a strong rebound in 2022, having recovered in most markets to pre-pandemic 2019 levels. The segment is well-positioned to continue its growth trajectory, riding on the return of corporate travel and unabated pent-up demand for leisure travel. We also continue to enhance our hospitality offerings and revitalise our assets through AEIs and repositionings, focusing on revenue generation and asset yield optimisation. Several key hotels will be rebranded to M Social. These include M Social Hotel Phuket, M Social Hotel Downtown, New York and M Social Hotel Knightsbridge, London. 71.3% $199.5 $142.3 27.8% 50.2% $143.8 $72.2 19.5% 64.4% $214.1 $137.9 30.8% 14.2% pts FY2019 FY2019 FY2019 FY2019 FY2021 FY2021 FY2021 FY2021 FY2022 FY2022 FY2022 FY2022 48.9% 91% 11.3% pts GOP Margin Revenue Per Available Room (RevPAR) Average Room Rate Room Occupancy
RkJQdWJsaXNoZXIy ODIwNTc=