Singapore Hospitality REITs: Softer visitor arrivals continue

The YoY decline in Singapore visitor arrivals continued, with Sep-26 arrivals down 2.2% YoY to 1.23m (77% of the 2019 average). Visitor days fell 4.8% YoY to 4.04m (76% of the 2019 average) as average length of stay eased to 3.29 days from 3.39 days in Sep-25. J.P. Morgan attributes the softer arrivals and visitor days to SGD strength versus regional currencies, relatively high room rates, and uncertainty linked to the ongoing Middle East conflict. For 3Q26 and 9M26, visitor arrivals were 4.46m (-1.8% YoY) and 12.65m (-1.7% YoY), while visitor days were 15.10m (-5.1% YoY) and 43.23m (-4.4% YoY). Arrivals declined in three of five key source markets (Indonesia -9.0%, Malaysia -10.4%, India -11.4%), while China (+5.6%) and Australia (+4.9%) were firmer. RevPAR rose 1.7% YoY in Jul-26 and 5.3% YoY in Aug-26, with Luxury and Upscale hotels outperforming while Mid-Tier and Economy segments lagged. As CLAS, CDREIT and FEHT are not concentrated in upper-tier hotels, 3Q26 results may be less s