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Agility & Tenacity

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Agility & Tenacity AGILITY & TENACITY ANNUAL REPORT 2020 ANNUAL REPORT 2020 / 1 AGILITY & TENACITY At Frasers Hospitality Trust (FHT), we believe that having a quality portfolio, the right scale and relevant management expertise are critical success factors for our business. These factors provide us with a sustained competitive advantage, while enabling us to deliver long-term value to our Stapled Securityholders. As we navigate through a volatile and uncertain operating environment, it is important we remain agile and tenacious. We continue to proactively manage our portfolio of assets across geographies, and strengthen our culture and structure, ensuring quality and consistent systems and processes across our business. As part of Frasers Property, we will evolve, reinvent and thrive in the post COVID-19 world, as we remain committed to delivering quality products, services and places that create value for our stakeholders. CONTENTS Overview Portfolio 02 About Frasers Hospitality Trust 56 Portfolio Summary 03 Our Growth Strategy 58 Asset Profiles 04 Our Portfolio 06 Trust Structure Reports 07 Corporate Information 66 Sustainability 89 Investor Relations Year In Review 92 Risk Management 08 Financial Highlights 95 Corporate Governance 10 Letter to Stapled Securityholders 15 Financial Review Financial Section 20 Portfolio Valuation 132 Financial Statements 21 Operations Review 284 Statistics of Stapled Securityholders 27 Key Events 287 Interested Person Transactions 28 Market Overview 291 Notice of Annual General Meeting Proxy Form Leadership 299 Glossary 46 Board of Directors 52 Management Team Contents 2 / FRASERS HOSPITALITY TRUST ABOUT FRASERS HOSPITALITY TRUST FHT is a global hotel and serviced Our strategic partner, TCC Group residence trust listed on the Investments Limited (TCCG), is one Mainboard of the Singapore Exchange of the largest conglomerates in on 14 July 2014. Established with Southeast Asia engaging in a variety the principal strategy of investing of businesses including real estate. globally (excluding Thailand) on a long-term basis in income-producing While we enjoy full flexibility in real estate assets used predominantly sourcing for acquisitions from third for hospitality purposes, we provide parties, we have been granted the investors exposure to a global right of first refusal to a pipeline hospitality portfolio with 3,913 of hospitality assets owned by keys comprising 3,071 hotel rooms both the Sponsor and TCCG. This and 842 serviced residence units. further provides us access to future acquisition opportunities. Our well-diversified portfolio of 15 quality assets are in prime locations A stapled group comprising in 9 key cities in Asia, Australia and Frasers Hospitality Real Estate Europe. With a combined appraised Investment Trust (FH-REIT) and value of approximately S$2.25 billion, Frasers Hospitality Business Trust these 9 hotels and 6 serviced (FH-BT), FHT is managed by Frasers residences are: Novotel Melbourne Hospitality Asset Management Pte. on Collins, Novotel Sydney Darling Ltd., the REIT Manager of FH-REIT Square, Sofitel Sydney Wentworth, (the REIT Manager) and Frasers Fraser Suites Sydney, InterContinental Hospitality Trust Management Pte. Singapore, Fraser Suites Singapore, Ltd., the Trustee-Manager of FH-BT ibis Styles London Gloucester Road, (the Trustee-Manager) (collectively Park International London, Fraser known as the Managers). Place Canary Wharf London, Fraser Suites Edinburgh, Fraser Suites Glasgow, Fraser Suites Queens Gate London, ANA Crowne Plaza Kobe, The Westin Kuala Lumpur and Maritim Hotel Dresden. FHT’s properties are managed by reputable international hotel chains such as AccorHotels, InterContinental Hotels Group and Marriott International, as well as Frasers Hospitality, one of the largest serviced residence operators globally. Our sponsor is Frasers Property Limited (Frasers Property or the Sponsor), a multinational developer- owner-operator of real estate products and services across 5 asset classes, namely residential, retail, commercial and business parks, InterContinental Singapore industrial and logistics and hospitality. ANNUAL REPORT 2020 / 3 OUR GROWTH STRATEGY Sofitel Sydney Wentworth ACQUISITION GROWTH ACTIVE ASSET MANAGEMENT AND CAPITAL AND RISK MANAGEMENT ENHANCEMENT STRATEGY STRATEGY The Managers actively pursue asset acquisitions that will provide The Managers will continue The Managers endeavour to maintain attractive cash flows and yields to to identify opportunities and a strong balance sheet and manage satisfy their investment mandate, so implement strategies to improve exposure to risks prudently by as to enhance the returns to FHT’s the operational cash flow of the employing various strategies and Stapled Securityholders and improve properties. Working closely with measures to optimise the returns to the future income and capital growth the hotel and serviced residence FHT’s Stapled Securityholders. These prospects of FHT. operators, the Managers focus on measures may involve employing the areas of revenue optimisation, an appropriate mix of debt and The Managers seek opportunities cost control and operating efficiency, equity in financing acquisitions; in key cities with sound economic prioritising strategies that have securing diversified funding fundamentals, favourable hospitality the highest impact on the overall sources by accessing both financial market conditions, and a good mix performance of the properties. institutions and capital markets; and of both business and leisure guests. utilising interest rate and foreign With FHT’s global investment In addition to active asset exchange hedging strategies, where mandate (excluding Thailand), the management of the properties, appropriate, to minimise exposure to Managers have maximum flexibility the Managers proactively identify market volatility. in scanning various regions for opportunities for asset enhancement opportunities in the hotels and initiatives to successfully reposition serviced residence asset classes. the properties, generate higher cash flows and increase the value of the FHT’s acquisition strategy is further properties. complemented by the right of first refusal granted by Frasers Property and TCCG, which provides access to future opportunities to acquire income-producing properties that are primarily used for hospitality purposes. Contents 4 / FRASERS HOSPITALITY TRUST OUR PORTFOLIO FHT has a well-diversified portfolio of 15 quality assets, most of which are located in key gateway cities across Asia, Australia and Europe. UNITED KINGDOM Glasgow • Fraser Suites Glasgow S$2.25B Edinburgh Total Portfolio Value • Fraser Suites Edinburgh London • ibis Styles London Gloucester Road • Park International London • Fraser Place Canary 9 Wharf London • Fraser Suites Queens Gate Key Cities London GERMANY Dresden 15 • Maritim Hotel Dresden Properties 3,913 Keys ANNUAL REPORT 2020 / 5 JAPAN Kobe • ANA Crowne Plaza Kobe MALAYSIA Kuala Lumpur • The Westin Kuala Lumpur SINGAPORE Singapore • InterContinental Singapore • Fraser Suites Singapore AUSTRALIA Sydney • Novotel Sydney Darling Square • Sofitel Sydney Wentworth • Fraser Suites Sydney Melbourne • Novotel Melbourne on Collins Contents 6 / FRASERS HOSPITALITY TRUST OUR TRUST STRUCTURE Stapled Securityholders REIT Holding of Holding of Trustee FH-REIT Units FH-BT Units Acts on behalf of the FH-REIT Unitholders Distributions Distributions Stapling Deed REIT Trustee- FH-REIT FH-BT1 Manager Manager Management Services Intermediate Companies/Entities InterContinental Fraser Suites in Singapore, Australia, Jersey, Singapore Singapore Japan, Malaysia and Netherlands Australia UK ANA Crowne The Westin Maritim Hotel Properties2 Properties3 Plaza Kobe Kuala Lumpur Dresden 1. FH-BT is the master lessee of “Novotel Melbourne on Collins” under the Master Lease Agreement. 2. Australia Properties refer to Novotel Melbourne on Collins, Novotel Sydney Darling Square, Sofitel Sydney Wentworth and Fraser Suites Sydney. 3. UK Properties refer to ibis Styles London Gloucester Road, Park International London, Fraser Place Canary Wharf London, Fraser Suites Edinburgh, Fraser Suites Glasgow and Fraser Suites Queens Gate London. ANNUAL REPORT 2020 / 7 CORPORATE INFORMATION REIT MANAGER OF FH-REIT COMPANY SECRETARY Frasers Hospitality Asset Management Pte. Ltd. Catherine Yeo TRUSTEE-MANAGER OF FH-BT TRUSTEE Frasers Hospitality Trust Management Pte. Ltd. Perpetual (Asia) Limited 16 Collyer Quay #07-01 REGISTERED ADDRESS OF REIT MANAGER AND Singapore 049318 TRUSTEE-MANAGER Tel: (65) 6908 8203 438 Alexandra Road Fax: (65) 6438 0255 #21-00 Alexandra Point Singapore 119958 STAPLED SECURITY REGISTRAR AND STAPLED Tel: (65) 6276 4882 I Fax: (65) 6276 6328 SECURITY TRANSFER OFFICE Website: www.frasershospitalitytrust.com Boardroom Corporate & Advisory Services Pte. Ltd. 50 Raffles Place #32-01 DIRECTORS OF THE REIT MANAGER AND Singapore Land Tower TRUSTEE-MANAGER Singapore 048623 Law Song Keng Tel: (65) 6536 5355 Chairman, Non-Executive and Independent Director Fax: (65) 6536 1360 Chua Phuay Hee AUDITOR Non-Executive and Independent Director KPMG LLP 16 Raffles Quay #22-00 Liew Choon Wei Hong Leong Building Non-Executive and Independent Director Singapore 048581 Tel: (65) 6213 3388 David Wong See Hong Fax: (65) 6225 0984 Non-Executive and Independent Director Partner-in-charge: Ronald Tay Ser Teck Appointed on 9 December 2015 Panote Sirivadhanabhakdi Non-Executive and Non-Independent Director PRINCIPAL BANKERS Bank of China Limited, Singapore Branch Koh Teck Chuan DBS Bank Ltd Non-Executive
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