On March 17, Moody’s indicated that the local hospitality REITs have sufficient liquidity to cover their basic cash needs. In addition Ascott Residence Trust has a presence in China, Australia and the US where domestic travel is likely to recover at a faster clip than international travel. Frasers Hospitality Trust also has a large presence in Australia, Japan and UK, it adds.

Other hospitality plays include Mandarin Oriental, 78%-owned by the Jardine Group, and Far East Hospitality Trust.

SEE:Analysts positive on Far East Hospitality Trust, cites master lease income as buffer

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