Frasers Hospitality Trust net property income jumps by 3% to $25.7m

Strong performances from overseas properties led the charge.

Weak showings from its Singapore and Malaysia properties weren’t able to faze the luxury hotel group, as it was able to draw from robust performances from its Japan, Australia, and UK properties.

According to a statement by Frasers Hospitality, net property income from its Singapore property portfolio was 14% lower than expected.

“While Fraser Suites Singapore performed in line with forecast from high occupancies achieved in the reporting quarter, InterContinental Singapore’s performance was softer than forecast as more rooms were taken out of inventory than previously forecasted during the on-going renovation,” the statement said.

Meanwhile, its ANA Crowne Plaza in Kobe, Japan exceeded net property income forecasts by 17.0%, raking in JPY259.5m.

“The hotel enjoyed good rates and healthy occupancy especially during the Obon week in August 2015 with strong demand in domestic and international travel,” the statement said.

GR and NPI of the Australia properties in Sydney achieved AUD8.2 million and AUD7.1 million, which were 22.0% and 25.0% respectively higher than forecast.

Demand for accommodation was well-supported by strong corporate and leisure demand with events such as the Sydney Film Festival and Netball World Cup during the quarter. In the UK, strong occupancies from corporate and leisure travel at the six properties led overall GR and NPI to exceed forecast by 8.0% and 13.0% respectively,” they added.

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