[SINGAPORE] Acrophyte Hospitality Trust’s revenue for the first quarter of 2025 fell 7.7 per cent to US$33.5 million, from US$36.2 million in Q1 2024.
In a business update on Wednesday (May 7), the managers attributed this to an 8.3 per cent year-on-year reduction in portfolio size. The stapled group now operates 33 hotels in the US.
The managers also reported 12.8 per cent lower Q1 operating profit at US$9.3 million, from US$10.7 million in the previous corresponding period.
Its net property income dropped 18.1 per cent to US$5.3 million, from US$6.4 million previously.
Lee Jin Yong, chief executive of the managers, said: “Our operational performance during the first quarter of 2025 was affected by the absence of contributions from three disposed hotels in FY2024. Furthermore, seven hotels transitioned to new management, and utility expenses increased due to severe winter weather conditions.”
Acrophyte Hospitality Trust was previously known as ARA US Hospitality Trust.
Stapled securities of Acrophyte Hospitality Trust closed flat on Tuesday at US$0.205.
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