Investor Presentaiton
France
Full 2H contribution from La Clef Tour Eiffel Paris boosted performance; outlook remains healthy
10.0
Revenue (EUR'mil)
Includes
LCTE which
was acquired
in Nov 2022
11.2
Includes 4
properties
that were
divested in
Sep 2023
+1%1
8.41
8.51
8% of total assets, 8% of 2H 2023 gross profit:
12 SRS under master leases
• 2H 2023 revenue and gross profit increased 12%
and 9% y-o-y respectively mainly due to
contribution from La Clef Tour Eiffel Paris (LCTE),
which was acquired in Nov 2022, and higher
recovery of costs, partially offset by the divestment
of 4 properties in Sep 2023; on a same-store basis¹,
2H 2023 revenue increased 1% y-o-y
• ADR for the quarter surpassed 4Q 2019
pre-Covid levels, while average occupancy was
lower due to the ongoing refurbishment of Citadines
Les Halles Paris and LCTE
•
•
Outlook for 1Q 2024 remains encouraging,
supported by corporate and group segments
The 7 French master leases which were renewed
in Oct 2023 are projected to receive c.28%
higher rent in FY 2024 under the renewed rent
structure
Note:
1.
2H 2022
2H 2023
Strong demand from short-stay segments and
group bookings in 4Q 2023
Excluding contribution from LCTE which was acquired in Nov 2022 and contribution from the four properties (Citadines City Centre Lille, Citadines Croisette Cannes, Citadines Castellane Marseille and Citadines Prado Chanot Marseille) which
were divested in Sep 2023
CapitaLand Ascott Trust
Investor Presentation
35View entire presentation