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Hospitality S-REITs are at the start of a multi-year upcycle after seeing suppressed revenues in 2021, with bright spots emerging despite most borders remaining closed. International border relaxation will be the next catalyst as Singapore's relaxed entry requirments on quarantine and testing should bring a boost.
Hospitality S-REITs recorded sequential improvements in RevPar in recent results and guided for a brighter outlook for 2022. We see a roaring start for Singapore hoteliers as Asia, the single largest revenue market for S-REITs with a 42-100% market share, opens borders.
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Global exposure
Hospitality S-REITs with global footprints will benefit from both
domestic recovery and international demand.
Our top picks are Ascott Residence Trust and CDL Hospitality Trusts.
Singapore-focused recovery
We like Far East Hospitality Trust for exposure to Singapore tourism
recovery.
We like the REIT as a proxy for the Singapore reopening theme given that
100% of its revenue is within Singapore, and there is potential upside
surprise from acquisitions.
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