Average occupancy for the hotels improved by 2.1 percentage points to 80.4% as more hotels continued to “ramp up” after exiting the government contracts in 2023. The average daily rate (ADR) for hotels grew by 3.7% y-o-y to $176 due to events and large-scale performances in the 1QFY2024. Revenue per available room (RevPAR) increased by 6.4% y-o-y to $141.
Far East Hospitality Trust has reported a distribution per stapled security (DPS) of 1.96 cents for the 1HFY2024 ended June 30, 2.1% higher y-o-y.
Gross revenue rose by 3.4% y-o-y to $53.8 million due to higher master lease rental from the hotels and serviced residences, as well as higher revenue from the trust’s retail and office spaces.
