Could there soon be a wave of hotel conversions into condominiums?
As conditions for the hospitality industry are likely to be rough over the next few years, some hotel owners here may potentially convert their hotels to other uses
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HOTEL owners here have been enduring a torrid time through the Covid-19 pandemic.
Far East Hospitality Trust, which owns nine hotels and four serviced residences here, posted revenue per available room for its hotels of S$56 in 2021, down 21 per cent and 61 per cent from 2020 and 2019, respectively.
CDL Hospitality Trusts (CDLHT), which has a portfolio that includes six hotels here, posted distribution per stapled security of 4.27 Singapore cents in 2021, down 14 per cent and 53 per cent from 2020 and 2019, respectively.
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