News

Commercial Property

Staff Reporter

, Singapore

Published:

11 months ago

135 views

Photo from InterContinental Singapore

Frasers Hospitality Trust’s Singapore portfolio posts 16.6 YoY lower RevPAR in 1Q24

On a quarter-on-quarter comparison, RevPAR declined 25.7%.

The revenue per available room (RevPAR) of Frasers Hospitality Trust’s (FHT) Singapore portfolio declined by 16.6% YoY and 25.7% QoQ to $246 in 1Q24.

In the same quarter, FHT’s Singapore assets recorded lower occupancy. Occupancy fell by 16.0 percentage points (pp) QoQ and 14.1 pp YoY.

The assets’ average daily rate (ADR) also declined on a QoQ basis by 7.6% but slightly improved on a YoY comparison by 1.2% to $374.

FHT has two assets in Singapore, InterContinental Singapore (ICSG) and Fraser Suites Singapore (FSSG).

According to FHT, occupancy for ICSG has softened with the easing of pent-up travel demand and rising competitive pressure from new supply entering the market, whilst occupancy for FSSG declined more than ICSG due to weaker demand.

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