PRNewswire-Asia/ -- The Hongkong and Shanghai Hotels, Limited
(HSH) announced its 2011 unaudited first quarter operating
statistics at its Annual General Meeting held earlier today. There
was general improvement in performance for its three business
divisions, with better operating statistics this year than in the
first quarter of 2010.
(Logo: http://www.prnasia.com/xprn/sa/200804301910.jpg
)
Hotels Division
All the Peninsula hotels recorded an increase in average room
rate and revenue per available room ("RevPAR") in the first quarter
of this year. The RevPAR increases for the Peninsula hotels in Hong
Kong, other Asia and the United States were respectively 13%, 12%
and 19%.
The Peninsula Tokyo experienced a sharp fall in occupancy
following the massive earthquake which occurred on 11 March 2011.
After the earthquake, the hotel remained open throughout and
extended assistance to the local community, including providing
refuge to members of the public who were stranded without
transportation. Although there has been some return to normality,
business at the hotel continues to be negatively affected by
concerns about the radiation leakage. Occupancy is currently
running in the 30 to 40% range at a lower average rate, whilst food
and beverage business has been relatively resilient due to local
demand. In response, the hotel has launched a series of local
promotional offers targeting domestic leisure and corporate
businesses, as well as invoking cost savings measures.
Business at the shopping arcades in all the Peninsula hotels
remained healthy. The Peninsula Beijing arcade upgrade is well
advanced without any tenancies being disrupted and is scheduled to
be completed in mid 2011.
Commercial Properties Division
The Group's commercial properties in Hong Kong, including The
Repulse Bay Complex, the Peak Tower, St. John's Building and the
Peninsula Office Tower, all showed further revenue growth,
reflecting sustained demand for high-end residential leasing, Grade
A offices and retail spaces.
Clubs & Services Division
Patronage for the Peak Tramways rose 2% year-on-year. Wholesale
and retail sales at Peninsula Merchandising were also strong. The
performance of the other businesses within this Division was
consistent with the first quarter of 2010.
Development
HSH continues to focus its development resources on three major
projects: development of The Peninsula Paris hotel, which is
expected to open in 2013; the planned major renovation of The
Peninsula Hong Kong; and the enhancement of the residential
portions of The Repulse Bay Complex.
About The Hongkong and Shanghai Hotels, Limited (HSH)
Incorporated in 1866 and listed on The Stock Exchange of Hong
Kong (00045), HSH is the holding company of a Group which is
engaged in the ownership, development and management of prestigious
hotel, commercial and residential properties in key locations in
Asia, the United States and Europe, as well as the provision of
transport, club management and other services. The hotel portfolio
of the Group comprises The Peninsula Hotels in Hong Kong, Shanghai,
Beijing, New York, Chicago, Beverly Hills, Tokyo, Bangkok, Manila
and Paris (opening in 2013). The property portfolio of the Group
includes The Repulse Bay Complex, The Peak Tower and The Peak
Tramways, St. John's Building, The Landmark in Ho Chi Minh City,
Vietnam and the Thai Country Club in Bangkok, Thailand.
For further information on this release, please contact:
Irene Lau
Senior Manager, Corporate Affairs
The Hongkong and Shanghai Hotels, Limited
Tel: +852-2840-7788
Fax: +852-2840-7567
Email: [email protected]
Websites: www.hshgroup.com , www.peninsula.com
SOURCE﹛The Hongkong and Shanghai Hotels, Limited