Singapore’s portfolio RevPAR fell by 16.6% y-o-y and 25.7% q-o-q. The portfolio also saw a y-o-y decline across its operating metrics due to rising competitive pressure and the easing of the pent-up travel demand.
RevPAR in the UK fell by 13.0% q-o-q from market seasonality as the country benefitted from the peak summer months in the 4QFY2023. On a y-o-y comparison, the UK’s RevPAR remained relatively flat despite the increase in competition citywide and the easing of pent-up travel demand.
The REIT’s portfolios in Japan, Malaysia and Germany saw y-o-y improvements across all operating metrics.
Japan’s Crowne Plaza Kobe saw RevPAR increasing by 12.9% y-o-y and 25.9% q-o-q as the hotel recovered in tandem with the market recovery in Kobe. However, Kobe's hotel operating performance is still lagging behind Japan’s key gateway cities such as Tokyo and Osaka, despite y-o-y improvements.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
The Westin Kuala Lumpur in Malaysia saw a strong y-o-y rebound in all of its operating metrics. RevPAR for the hotel rose by 22.1% y-o-y due to strong corporate and leisure demand. Meanwhile, RevPAR for the quarter fell slightly by 0.4% q-o-q.
The Maritim Hotel Dresden in Germany saw a “sustained recovery” supported by its average daily rate (ADR). The hotel’s performance improved y-o-y in the 1QFY2024 supported by the recovery in domestic travel and the return of MICE business. MICE refers to meetings, incentives, conferences, and exhibitions.
As at Dec 31, 2023, FHT’s aggregate leverage ratio stood at 34.5%. Its net asset value (NAV) per stapled security stood at 66 cents.
Units in FHT closed 0.5 cents higher or 1.08% up at 47 cents on Feb 1.
