FAR East Hospitality Trust saw its distribution per stapled security for the first quarter ended March 31 fall 3.2 per cent to 0.91 Singapore cent, from 0.94 Singapore cent a year ago.
Gerald Lee, CEO of the manager said:"The hotels and serviced residences in our portfolio recorded a slight improvement in the average rate. The hotels continued to achieve high occupancies, although corporate demand was relatively softer as compared to the same period last year given the absence of major events such as the biennial Singapore Airshow.
Looking ahead, the manager noted that while there may be some volatility in the near term given the subdued corporate demand due to global macroeconomic concerns, it is positive about the medium-term prospects of the industry.
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