Frasers' hospitality portfolio challenged by pandemic headwinds
Singapore
FRASERS Property's hospitality portfolio remains challenged by pandemic headwinds, the company said in a first-quarter business update late on Wednesday (Feb 9), even as it reported higher revenue per average room (RevPAR) across its Asia-Pacific (ex-North Asia) and Europe portfolios.
"(The) emergence of the Omicron variant from December 2021 and subsequent surge in infections pose a setback to recovery trajectory," Frasers Property said.
RevPAR for its hospitality portfolio in North Asia fell 36.9 per cent for the quarter to S$42.50, down from S$67.40 in the year-ago period. Average occupancy rate across this port…
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