REIT Watch - Hospitality S-REITs' RevPAR Mostly Resilient as Tourism Activity Normalises
REIT Watch - Hospitality S-REITs' RevPAR Mostly Resilient as Tourism Activity Normalises
The trust's revenue per available unit (RevPAU) rose 3 per cent on year to S$158, staying above pre-pandemic levels. This was mainly due to higher average occupancy, while average daily rates (ADR) remained relatively stable.
Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.
隨着疫情後旅遊熱潮的結束，新加坡房地產投資信託（S-REITs）擁有酒店資產的運營績效在第三季度報告中大多保持穩定，即使旅遊活動恢復正常。
Business updates released last week show that revenue per available room (RevPAR) for most trusts remained relatively resilient, despite a high base from the strong growth seen in the same period a year earlier.
上週發佈的業務更新顯示，儘管大部分信託基金每間可用房間營收（RevPAR）仍相對堅挺，但從一年前同期出現強勁增長的基數高位來看，保持相對穩定。
CapitaLand Ascott Trust reported an 8 per cent improvement on year in gross profit for the third quarter ended September, as its portfolio reconstitution initiatives yielded positive results. On a same-store basis, excluding acquisitions and divestments, gross profit would have been 2 per cent higher on year, due to stronger operating performance.
凱德信託（CapitaLand Ascott Trust）報告稱，截至9月底第三季度的毛利潤同比增長8%，由於其資產組合重構措施取得了積極成果。在同店基礎上，不包括收購和出售，毛利潤同比提高了2%，這主要是由於更強勁的運營表現。
The trust's revenue per available unit (RevPAU) rose 3 per cent on year to S$158, staying above pre-pandemic levels. This was mainly due to higher average occupancy, while average daily rates (ADR) remained relatively stable.
該信託基金的每單位可用房間營收（RevPAU）同比增長3%，達到158新元，保持在疫情前水平以上。這主要是由於平均入住率提高，而平均每日房價（ADR）基本保持穩定。
Similarly, Far East Hospitality Trust's RevPAR for hotels rose 2.8 per cent on year in the third quarter on the back of higher ADR, as all hotels exited government contracts, giving the portfolio better pricing flexibility.
同樣，遠東酒店信託的酒店每間可用房間營收（RevPAR）在第三季度同比增長2.8%，得益於較高的ADR，由於所有酒店退出政府合同，使得組合具有更好的定價靈活性。
RevPAU from serviced residences also rose 2.5 per cent on year in Q3.
服務式公寓的每單位可用房間營收（RevPAU）也在第三季度同比增長了2.5%。
Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.
同時，新加坡遠東飯店信託基金在其投資組合中看到RevPAR表現參差不齊，在第三季度約一半市場，包括澳洲、日本和德國，經歷了增長。
RevPAR for its Singapore properties, however, fell 10.3 per cent on year in Q3, as demand normalised after a period of exceptional ADR growth in 2023.
然而，其新加坡物業的RevPAR相比去年同期下降了10.3％，因爲需求在2023年極好的ADR增長後趨於正常。
Nevertheless, its RevPAR in Singapore remained 18.9 per cent higher compared with pre-pandemic levels in Q3 2019.
儘管如此，與2019年第三季度的疫情前水平相比，其新加坡的RevPAR仍高出18.9％。
The Macroeconomic Review published by the Monetary Authority of Singapore last month noted that a surge in Chinese tourists has supported growth in tourism-related sectors.
新加坡金融管理局上月發佈的宏觀經濟評論指出，中國遊客激增支撐了旅遊相關行業的增長。
Average monthly visitor arrivals to Singapore in Q3 grew 14 per cent compared with the second quarter.
第三季度新加坡的平均月遊客到達量較第二季度增長了14％。
Chinese visitor numbers rose by 56 per cent, contributing to around two-thirds of the increase in arrivals.
中國遊客人數增長了56％，爲抵達人數增長的約三分之二做出了貢獻。
The report also noted that hotel occupancies in Singapore climbed to 89 per cent in July to August, from 80 per cent in the first half of 2024, with a broad-based increase seen across hotel tiers, partly driven by lengthier stays among Chinese tourists.
該報告還指出，新加坡酒店入住率從2024年上半年的80％上升至7月至8月的89％，各級別酒店入住率普遍增加，部分原因是中國遊客的停留時間加長。
For more research and information on Singapore's REIT sector, visit sgx.com/research-education/sectors for the quaterly SREITs & Property Trusts Chartbook.
有關新加坡REIT板塊更多研究和資訊，請訪問sgx.com/research-education/sectors查看季度SREITs和物業信託概覽。
REIT Watch is a regular column on The Business Times, read the original version.
REIt Watch是《商業時報》的常規欄目，請閱讀原版。
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譯文內容由第三人軟體翻譯。
