CDL Hospitality Trusts (CDLHT) on Thursday said that its third quarter distributable income rose 29.7 per cent to S$24.4 million, up from S$18.8 million a year ago.

Distribution per unit for 3Q 2008 was 2.93 Singapore cents, 24.2 per cent higher than the 2.36 Singapore cents reported for the same period last year. Net property income for the three months ended September 30, 2008 rose 21.3 per cent to S$27.3 million, from S$22.6 million in 3Q 2007.

The trust, which is Singapore’s only real estate investment trust (Reit) based on hotel properties, said that room revenue per available room (RevPAR) rose to $214 in Q3 2008, from $176 a year ago.

‘We are pleased to have been able to report robust growth in this quarter on the base of organic growth across CDLHT’s portfolio of hotels despite turmoil in the global financial markets,’ said Vincent Yeo, chief executive of the Reit’s manager.

‘Looking ahead over the short term, the events of the last few months will have some impact on our business, but steps have been taken to protect the profitability of CDL HT,’ he said. ‘The Reit remains positive of the general outlook over the medium and long term.’