SG Property Intelligence: Singapore Hospitality REITs – Declines in May-26 RevPAR tracking drop in visitor arrivals

Research evidence excerpt

SG Property Intelligence: 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

29 June 2026

SG Property Intelligence

Singapore Hospitality REITs – Declines in May-26

RevPAR tracking drop in visitor arrivals

Singapore/ASEAN Property and

REITs

Singapore Hospitality REITs – Declines in May-26 RevPAR tracking drop in AC Terence M Khi

visitor arrivals. May-26 RevPAR declined by 5.0% to S$199.9 owing to the May-

(65) 6882-1518

26 Singapore tourist arrivals and visitor days falling by 9.7% and 9.2% YoY (link). terence.ml.khi@jpmorgan.com

The weakness was largely driven by the lower-tier hotels, which is not surprising AC Mervin Song, CFA

given that the target customers are typically more price sensitive. The main drag (65) 6882-7829

was a 4.2pts decline in May-26 occupancy to 75.4%, partially mitigated by a 0.4% mervin.song@jpmorgan.com

YoY increase in ADR to S$265.1. YTD RevPAR remains on an uptrend owing to J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

a strong 1Q26, with 5M26 RevPAR up 2.5% YoY (114% of 2019 average). With Morgan Broking (Hong Kong) Limited

near-term RevPAR weakness, uncertainty over how quickly elevated airfares will

normalize and when flight capacity will be restored balanced against expected

interest cost savings, we maintain our N ratings on CDREIT, CLAS and FEHT.

Link (Source: J.P. Morgan)

Companies

CapitaLand has secured exclusivity to acquire Melbourne’s 241-room, 29-

storey Quincy Hotel from Rahul Bhatia’s InterGlobe Enterprises, with sources

expecting a valuation above A$100m. CapitaLand has begun fundraising on the

basis of a 16%+ equity IRR and about an 8% annual distribution yield over a five-