- February’s Singapore visitor arrivals bounced back to ~96% of pre-COVID-19 levels with a sharp surge in Chinese numbers. CDL Hospitality Trusts (SGX:J85), which owns a sizeable portfolio of prime hotel assets here, will be one of the key beneficiaries.
- - Read this at SGinvestors.io -
Upside surprises likely for Singapore’s hospitality sector.
- Feb 2024 visitor arrivals jumped 50% y-o-y to a new post-pandemic monthly high of 1.44m, supported by a 3x annual rise in Chinese visitors who have reclaimed the top visitor market position. Potential reasons for the spike include the commencement of 30-day visa-free travel from 9 Feb and increased flight capacity.
- - Read this at SGinvestors.io -
- January’s hotel revenue per available room (RevPAR) up 13% y-o-y, mainly aided by increases in occupancy rates. We expect sector RevPAR to grow in mid-single-digits this year continuing its strong recovery from 2023. CDL Hospitality Trusts will be one of the prime beneficiaries, in our view, given its good-quality portfolio of seven hotel assets nationwide, which accounted for 62% of its total FY23 NPI.
Overseas portfolio should continue to see a modest recovery.
- Read more at SGinvestors.io.
