Far East Orchard eyes stabilisation of hospitality business by 2024/25

To achieve such, it will grow its portfolio to 25,000 beds within two years.

Mainboard-listed Far East Orchard expects its hospitality business to stabilise by 2024/25, following a gradual recovery in FY22.

In a bourse filing, the investment company said it will focus on improving its performance to achieve its financial priorities.

In particular, the company plans to grow its hospitality portfolio to 25,000 beds by 2025 primarily via an asset-light strategy.

It also plans to deepen its presence in countries like Singapore, Australia and Japan and expand its geographical footprint in the region.

Far East Orchard will also grow its PBSA portfolio to 5,000 beds, focusing on cities in the UK with high-tariff universities and strong student growth.

Far East Orchard added that its PBSA segment provided the company with “a steady stream of recurring income” during the pandemic to mitigate the adverse COVID-19 impact on its hospitality business performance.