...Weak Visitor Arrivals into Singapore: Fitch Ratings expects visitor arrivals into Singapore to remain weak during the next 12-18 months, because of slower economic growth in key inbound markets such as China, Indonesia and Malaysia. Visitor arrivals continued to decline during the five months to April 2015, recording a 5% drop compared with the same period in 2014. The pace of decline has increased, versus a 3% drop in visitor arrivals for the full-year 2014. "Same-Store" Growth in Decline: Hospitality REIT's "same-store" revenue declined at a low- single-digit rate in Q115, due to weak visitor arrivals into Singapore (45% of sector income), as well as a surge in hotel room supply in Singapore and in several other markets. Australia and New Zealand accounted for a further 27% of sector income, with most Australian properties outside Sydney performing poorly on the back of a weak mining sector. Around 50% of the Singapore hospitality REIT sector's income came in the form of fixed or minimum...
