Far East Hospitality Trust's net property income down 9.2% to $27.65m in Q4

On back of lower hotel room rates.

Far East Hospitality Trust’s net property income slipped 9.2% year-on-year to $27.65m in the fourth quarter, on back of lower average occupancy and revenue from its hotels.

The average occupancy of the hotel portfolio was 82.4% in 4Q 2014 and 83.3% in FY 2014. The average daily rate was $186 in Q4, down 4% year-on-year.

Far East HT attributed softer rates to weaker corporate business and an increase in hotel room supply.
This decline in visitorship to Singapore coupled with an increase in supply of hotel rooms placed competitive pressure on both occupancy and ADR.

“2014 was a challenging year as the demand for corporate and leisure travel was impacted by a confluence of macroeconomic, regional and market factors. The softer performance of our hotels and serviced residences was cushioned by the growth in revenue from our retail and office spaces,” said Gerald Lee, Chief Executive Officer of the REIT Manager.

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