News

Commercial Property Hotels & Tourism

Staff Reporter

, Singapore

Published:

5 months ago

InterContinental Singapore [Photo from Shutterstock]

FHT's Singapore RevPAR falls 7.2% YoY amidst easing travel demand

Occupancy also declined in 9M 2024.

Frasers Hospitality Trust (FHT) reported a 7.2% YoY decline in its revenue per available room (RevPAR) for its Singapore portfolio in the first nine months of 2024 (9M 2024), driven by the easing of pent-up travel demand.

FHT said cost inflation and relatively strong SGD affecting inbound travel also contributed to the drop.

In the same period, FHT reported a 6.0 percentage point (pp) decline in its Singapore portfolio occupancy. Its average daily rate (ADR) for its Singapore hotels, however, grew by 0.9% YoY.

FHT’s Singapore portfolio comprises InterContinental Singapore (ICSG) and Fraser Suites Singapore (FSSG).

FHT said FSSG’s extended stay segment faced challenges due to an increased supply of private residential units, which compressed rental yields and intensified competition in the relocation market.

In January 2024, condominium rental listings tripled compared to the previous year. Moreover, in 9M 2024, the average length of stay (ALOS) for visitors to Singapore decreased to 3.5 days from 4.0 days a year. The reduction in ALOS has dampened overall hospitality demand, affecting the extended stay and hotel sectors.

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