Ascott Residence Trust (ART) is a hospitality trust in Asia Pacific with an asset value of S$7.2 billion as at 31 December 2020. ART’s international portfolio comprises 86 properties with more than 16,000 units in 38 cities across 15 countries in Asia Pacific, Europe, and the United States. ART invests primarily in serviced residences, hotels, rental housing properties, student accommodation and other hospitality assets. 2020 was an unprecedented year as global visitor arrivals fell by more than 70% due to border closures caused by the COVID-19 pandemic. This had a significant impact on the hospitality industry as losses in international tourism receipts totaled US$1.3 trillion. Unsurprisingly, ART’s FY2020 business and financial performance were not spared. At its latest AGM, CEO Beh Siew Kim reviewed ART’s 2020 performance, its response to challenges brought about by the pandemic, and its developments ahead. 1. Due to the impact of COVID-19, ...