Thanks to robust Japan, Australia performance.
Frasers Hospitality Trust enjoyed a profitable close to its 1QFY16 as its net property income jumped 16.9% to $26.3m. According to the company’s media release, the boost is on back of full contribution of Sofitel Sydney Wentworth as well as sustained strong performance in Japan and Australia.
In Kobe, weaker Japanese yen led to higher international travel demand to the area, which resulted to increased average daily rates and healthy occupancy during the quarter. In Sydney, accommodation demand was bolstered by prominent corporate and leisure events.
Meanwhile, distributable income climbed 23.2% YoY to $23.7m, and gross revenue soared 16.2% to $31.4m.
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