BUILDING THE RIGHT THING

The Journey Continues...

YTL HOSPITALITY REIT

managed by
PINTAR PROJEK SDN BHD
199401028328 (314009-W)

33rd Floor, Menara YTL

205 Jalan Bukit Bintang
55100 Kuala Lumpur
Malaysia

Tel • 603 2038 0888

Fax • 603 2038 0388

www.ytlhospitalityreit.com
www.ytlcommunity.com

ANNUAL REPORT 2022

CONTENTS
Overview

2 Corporate Information
4 Property Portfolio

Strategic & Performance Review

24 Financial Highlights
26 Fund Performance
28 Management Discussion & Analysis
44 Review of the Property Market
52 Managing Sustainability
 managed by
PINTAR PROJEK SDN BHD
199401028328 (314009-W)

Governance Financial Statements

62 Profile of the Board of Directors 87 Manager’s Report

65 Corporate Governance Overview Statement 94 Statement by Manager
75 Statement on Risk Management & Internal 94 Statutory Declaration
Control
95 Trustee’s Report
78 Audit Committee Report
96 Independent Auditors’ Report
81 Statement of Directors’ Responsibilities
101 Income Statements
103 Statements of Other Comprehensive Income
104 Statements of Financial Position

Additional Information 106 Statements of Changes in Net Asset Value

108 Statements of Cash Flows
82 Analysis of Unitholdings 111 Notes to the Financial Statements
85 Statement of Interests of Directors of the
Manager

Information on Annual
General Meeting

174 Notice of Annual General Meeting

• Form of Proxy
Corporate Information

MANAGER BOARD OF DIRECTORS OF THE MANAGER

Pintar Projek Sdn Bhd Executive Chairman
Tan Sri (Sir) Francis Yeoh Sock Ping
PSM, KBE, CBE, FICE, SIMP, DPMS, DPMP, JMN, JP
MANAGER’S REGISTERED OFFICE
Hon LLD (Nottingham), Hon DEng (Kingston),
33rd Floor, Menara YTL BSc (Hons) Civil Engineering, FFB, F Inst D, MBIM, RIM
205 Jalan Bukit Bintang
55100 Kuala Lumpur Chief Executive Officer
Tel: 603-2038 0888 Dato’ Mark Yeoh Seok Kah
Fax: 603-2038 0388 DSSA
LLB (Hons)
MANAGER’S PRINCIPAL PLACE OF BUSINESS
Executive Directors
25th Floor, Menara YTL
Dato’ Yeoh Seok Kian
205 Jalan Bukit Bintang
DSSA
55100 Kuala Lumpur
BSc (Hons) Bldg, MCIOB, FFB, (Hon) D.Univ
Tel: 603-2038 0888
Fax: 603-2038 0301 Dato’ Hj Mohamed Zainal Abidin Bin Hj Abdul Kadir
DPMP, PMP, AMN, PPN, PJK, OStJ, JP

Yeoh Keong Shyan

LLB (Hons)

Independent Non-Executive Directors

Dato’ Tan Guan Cheong
DSSA

Dato’ Ahmad Fuaad Bin Mohd Dahalan

ABS, DIMP, SIMP
BA (Hons)

Dato’ Zainal Abidin Bin Ahmad

DIMP, JSM, Medal of Friendship (Lao PDR), AMN
MA (Int. Affairs), BSc (Hons) Mathematics

2 OVERVIEW
 YTL HOSPITALITY REIT | ANNUAL REPORT 2022

MANAGEMENT TEAM REGISTRAR

Datin Kathleen Chew Wai Lin Pintar Projek Sdn Bhd
Legal Advisor 33rd Floor, Menara YTL
205 Jalan Bukit Bintang
Ho Say Keng
55100 Kuala Lumpur
Accountant/Company Secretary
Tel: 603-2038 0888
Eoon Whai San Fax: 603-2038 0388
General Manager
AUDIT COMMITTEE
COMPANY SECRETARY OF THE MANAGER Dato’ Tan Guan Cheong
Ho Say Keng (Chairman and Independent Non-Executive Director)

Dato’ Ahmad Fuaad Bin Mohd Dahalan

TRUSTEE (Independent Non-Executive Director)
Maybank Trustees Berhad Dato’ Zainal Abidin Bin Ahmad
8th Floor, Menara Maybank (Independent Non-Executive Director)
100 Jalan Tun Perak
50050 Kuala Lumpur
AUDITORS
Tel: 603-2078 8363
Fax: 603-2070 9387 HLB Ler Lum Chew PLT (201906002362 & AF 0276)
Email: mtb@maybank.com.my Chartered Accountants
(A member of HLB International)

STOCK EXCHANGE LISTING

Bursa Malaysia Securities Berhad
Main Market (16.12.2005)

OVERVIEW 3
Property Portfolio

ABOUT YTL HOSPITALITY REIT

YTL Hospitality REIT has a market capitalisation of approximately
RM1.59 billion (as at 30 June 2022) with a wide portfolio of prime
hotel properties. The hospitality assets range from business to
luxury hotels and are spread across a range of unique locations
worldwide. In Malaysia, these include the JW Marriott Hotel Kuala
Lumpur, The Majestic Hotel Kuala Lumpur, The Ritz-Carlton, Kuala
Lumpur (Hotel and Suite wings), the Pangkor Laut, Tanjong Jara
and Cameron Highlands resorts and the AC hotels in Kuala Lumpur,
Penang and Kuantan. YTL Hospitality REIT’s international portfolio In 2009, the Trust embarked on a rationalisation exercise to
comprises Hilton Niseko Village and The Green Leaf Niseko Village reposition itself as a pure play hospitality REIT, focused on building
in Japan and the Sydney Harbour, Brisbane and Melbourne Marriott a class of hotel and hospitality-related assets. The first stage of
hotels in Australia. the exercise was completed in June 2010 and involved disposing
the REIT’s retail properties (Starhill Gallery and parcels in Lot 10
YTL Hospitality REIT’s principal objective is to provide unitholders Shopping Centre) to Starhill Global Real Estate Investment Trust
with stable cash distributions through owning and investing in yield in Singapore.
accretive real estate assets. This provides potential for sustainable
growth in its long term unit value, rewarding unitholders with YTL Hospitality REIT subsequently acquired 9 additional hotel
noticeable returns. properties in November and December 2011, namely, the Pangkor
Laut, Tanjong Jara and Cameron Highlands resorts, The Ritz-Carlton,
YTL Hospitality REIT was listed on 16 December 2005 on the Main Kuala Lumpur – Hotel Wing, the remainder of The Ritz-Carlton,
Market of Bursa Malaysia Securities Berhad under the name Starhill Kuala Lumpur – Suite Wing, the AC hotels in Kuala Lumpur, Penang
Real Estate Investment Trust, and consisted of prime properties and Kuantan, and Hilton Niseko Village in Japan.
within the Golden Triangle of Kuala Lumpur – the JW Marriott Hotel
Kuala Lumpur, Starhill Gallery and parcels in Lot 10 Shopping Centre. The REIT’s international portfolio was further strengthened with
Its principal investment strategy was investing in a diversified the acquisitions of the Sydney Harbour, Brisbane and Melbourne
portfolio of retail, office and hospitality real estate assets, with an Marriott hotels in Australia in November 2012. This extended the
added focus on retail and hotel properties. In 2007, the REIT added geographical scope of the REIT and significantly enhanced brand
part of The Ritz-Carlton, Kuala Lumpur – Suite Wing to its portfolio. outreach, ultimately raising its appeal to existing and new investors.

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 YTL HOSPITALITY REIT | ANNUAL REPORT 2022

Property Portfolio

In November 2017, YTL Hospitality REIT enhanced its asset portfolio with the acquisition of The Majestic Hotel Kuala Lumpur, the Trust’s
tenth property in Malaysia, and, in September 2018, acquired its second hotel in Japan, The Green Leaf Niseko Village.

YTL Hospitality REIT was established by a trust deed entered into on 18 November 2005 (as amended and restated) between Pintar
Projek Sdn Bhd (“Pintar Projek”) and Maybank Trustees Berhad, as manager and trustee, respectively, of YTL Hospitality REIT.

The composition of YTL Hospitality REIT’s investment portfolio as at 30 June 2022 is as follows:-

RM ‘000 %

Real Estate – Commercial

• JW Marriott Hotel Kuala Lumpur 526,500 11

• The Majestic Hotel Kuala Lumpur 397,500 8

• The Ritz–Carlton, Kuala Lumpur – Hotel Wing 361,000 8

• The Ritz–Carlton, Kuala Lumpur – Suite Wing 321,000 7

• AC Hotel Kuala Lumpur Titiwangsa 144,500 3

• AC Hotel Penang Bukit Jambul 125,000 3

• Pangkor Laut Resort 122,000 3

• Tanjong Jara Resort 105,000 2

• AC Hotel Kuantan City Centre 94,500 2

• Cameron Highlands Resort 61,000 1

• Hilton Niseko Village 299,925 6

• The Green Leaf Niseko Village 196,403 4

• Sydney Harbour Marriott 1,481,233 31

• Brisbane Marriott 257,310 6

• Melbourne Marriott 233,401 5

4,726,272 100

Deposits with licensed financial institutions 11,151 –

Total 4,737,423 100

ABOUT THE MANAGER

Pintar Projek was incorporated in 1994 and is a 70%-owned subsidiary of YTL Land Sdn Bhd, which is a wholly-owned subsidiary of YTL
Corporation Berhad. Pintar Projek’s Board of Directors and key personnel comprise competent and capable individuals that have extensive
experience in their respective fields of expertise.

OVERVIEW 5
Property Portfolio

(NORTHERN) 11. Hilton Niseko Village

6. AC Hotel Penang Bukit Jambul 12. The Green Leaf Niseko Village

7. Pangkor Laut Resort

8. Cameron Highlands Resort

MALAYSIA

9
7 8

13. Brisbane Marriott

10 14. Sydney Harbour Marriott

15. Melbourne Marriott

1 5

(KUALA LUMPUR)
13
1. JW Marriott Hotel
Kuala Lumpur
14
2. The Majestic Hotel
Kuala Lumpur (EASTERN) 15

3. The Ritz-Carlton, 9. Tanjong Jara Resort

Kuala Lumpur – Suite Wing 10. AC Hotel Kuantan City Centre AUSTRALIA
4. The Ritz-Carlton,
Kuala Lumpur – Hotel Wing

5. AC Hotel Kuala Lumpur

Titiwangsa

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 YTL HOSPITALITY REIT | ANNUAL REPORT 2022

Property Portfolio

1. 6.
11.
JW Marriott Hotel AC Hotel Penang
Hilton Niseko Village
Kuala Lumpur Bukit Jambul

12
11

2. 7. 12.
JAPAN The Majestic Hotel Pangkor Laut The Green Leaf
Kuala Lumpur Resort Niseko Village

3. 8. 13.
The Ritz-Carlton, Cameron Brisbane
Kuala Lumpur – Suite Wing Highlands Resort Marriott

4. 9. 14.
The Ritz-Carlton, Tanjong Sydney Harbour
Kuala Lumpur – Hotel Wing Jara Resort Marriott

5. 10. 15.
AC Hotel Kuala Lumpur AC Hotel Kuantan Melbourne
Titiwangsa City Centre Marriott

OVERVIEW 7