Singapore Hospitality REITs Declines in May-26 RevPAR tracking drop in visitor arrivals

Research evidence excerpt

Singapore Hospitality REITs Declines in May-26 RevPAR tracking drop in visitor arrivals

J P M O R G A N Asia Pacific Equity Research

26 June 2026

Singapore Hospitality REITs

Declines in May-26 RevPAR tracking drop in visitor

arrivals

May-26 RevPAR declined by 5.0% to S$199.9 owing to the May-26 Singapore tourist Singapore/ASEAN Property and

arrivals and visitor days falling by 9.7% and 9.2% YoY (link). The weakness was REITs

largely driven by the lower-tier hotels, which is not surprising given that the target Mervin Song, CFA AC

customers are typically more price sensitive. The main drag was a 4.2pts decline in (65) 6882-7829

May-26 occupancy to 75.4%, partially mitigated by a 0.4% YoY increase in ADR to mervin.song@jpmorgan.com

S$265.1. YTD RevPAR remains on an uptrend owing to a strong 1Q26, with 5M26 Terence M Khi

RevPAR up 2.5% YoY (114% of 2019 average). With near-term RevPAR weakness, (65) 6882-1518

uncertainty over how quickly elevated airfares will normalize and when flight terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

capacity will be restored balanced against expected interest cost savings, we maintain J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

our N ratings on CDREIT, CLAS and FEHT. Morgan Broking (Hong Kong) Limited

Economy hotels are bearing the brunt. All hotel categories saw a decline in May-26

RevPAR with Economy hotels falling the most, down 15.1% YoY to S$87.9. This was

followed by Mid-Tier hotel RevPAR decreasing 9.3% YoY to S$148.4. In contrast,

Upscale and Luxury hotels saw small declines of 3.9% and 0.5% YoY to S$229.0 and

S$488.3 respectively.

Figure 1: Tourist arrivals compared to the 2019 average Figure 2: Visitor days compared to the 2019 average

160% 120%

Tourist arrivals 140%

100%

120% China arrivals