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Far East Hospitality Trust desperately cuts hotel rates by 9.6% to $170
It’s been struggling to woo more clients.
Efforts by the hospitality trust to expand its clientele, such as the construction of new hotel rooms, has been subdued by softer demand and a weakened rental property market, culminating in a 2.1% dip of its RevPAR to $147.
"FEHT’s average daily rate (ADR) for its Hotels slumped 9.6% YoY to S$170, while that of SR was down 7.3% to S$231," a report from OCBC said.
"We pare our FY15 and FY16 DPU forecasts by 4.7% and 3.6%, respectively, on lower NPI margin and higher finance expense assumptions," the report said.
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