HOT : Venetian Gondola Boat , Macau Tower , Galaxy 3 In 1 Package Hong Kong, May 11, 2016 /PRNewswire/ -- At its Annual General Meeting held today, The Hongkong and Shanghai Hotels, Limited (HSH) disclosed its unaudited first quarter operating statistics for 2016. From left to right : Mr. Peter C. Borer, Chief Operating Officer, The Hongkong and Shanghai Hotels, Limited; Mr. Clement K.M. Kwok, Chief Executive Officer, The Hongkong and Shanghai Hotels, Limited; The Hon. Sir Michael Kadoorie, Chairman, The Hongkong and Shanghai Hotels, Limited; Mr. Matthew J. Lawson, Chief Financial Officer, The Hongkong and Shanghai Hotels, Limited Commenting on the year-to-date results, HSH Managing Director and Chief Executive Officer Mr Clement K.M. Kwok said, "The first quarter results were generally in line with our expectations and reflected the soft market in Hong Kong, as well as the seasonal nature of the hotel industry. We have experienced a mixed start to our business in 2016, with results impacted by the renovations at The Peninsula Beijing and The Peninsula Chicago, and we will work hard to drive revenue and contain costs across our operations. The Peninsula Hotels While average room rates were stable with a decrease of 2%, The Peninsula Hong Kong reported a 7% decline in RevPAR as compared with the same period last year, reflecting the generally weaker business environment in Hong Kong. We were pleased to see a 10% increase in RevPAR and a 12% increase in average room rates in other parts of Asia, mainly due to improved occupancy levels at The Peninsula Bangkok amidst a more stable political environment in Thailand. The Peninsula Tokyo implemented a rate growth strategy and reported strong average rates, enhanced by strong demand due to a weak Japanese Yen attracting increased overseas visitors to Japan. The Peninsula Beijing and The Peninsula Chicago were undergoing renovation projects and this impacted occupancy and RevPAR compared to the previous year. Hotels in the United States and Europe reported a slight increase in occupancy and a 2% decrease in RevPAR. The Peninsula Beverly Hills performed strongly. Commercial Properties Residential Leasing: Occupancy at The Repulse Bay Complex increased, driven by robust occupancy in the unfurnished apartments. Shopping Arcades: The shopping arcades in The Peninsula Hotels, The Peak Tower and The Repulse Bay continue to be popular with premium brands for retail space. The Peak Tower and The Repulse Bay are almost fully occupied. The Shopping Arcades yield reduced by 7% year-on-year. We are working with our retail tenants to develop new marketing campaigns, including "Legendary Artisans" in The Peninsula Hong Kong, to help drive traffic to our arcades. Offices: Yield from the Group's office leasing increased by 4% year-on-year, due to the increased occupancy and average rental rates in The Peninsula Office Tower and St. John's Building, located in Hong Kong. Outlook and Developments We have experienced a mixed start to our business in 2016. For the remainder of the year, our operating results will be adversely affected by the partial closure of The Peninsula Beijing due to its major renovation, which will result in a significantly improved product in Beijing. The outlook for the Hong Kong market in terms of tourism, high-end residential lettings and retail rental income is somewhat uncertain. While the trends have been weak, our business has been stable, mainly due to the steady returns of our property leasing business, with our residential apartments and commercial arcades holding up well. We believe that the smaller, exclusive and high-end nature of the retail outlets at The Peninsula Hong Kong, as well as our luxury residential product at The Repulse Bay Complex, especially our recently fully renovated and enlarged apartments at the de Ricou tower, have been key to maintaining demand for those properties. Elsewhere in Asia, we continue to see strong and increasing demand in Shanghai, Tokyo, and Bangkok continues to recover. In the US, the economic outlook is positive and our US operations are well-positioned to benefit from the projected growth in consumer spending. Growth in the US domestic and corporate market will be especially beneficial for The Peninsula Chicago with its full renovation completed in April 2016. The Peninsula Beverly Hills is experiencing strong demand following the opening of its fully renovated restaurant The Belvedere in January 2016. In Paris, business has been affected by the terrorist attacks of 2015. However, we have been seeing some pickup since the beginning of 2016 although the first quarter of the year is in the winter low season and we are hopeful for a stronger recovery in the leisure market from spring onwards. We are pleased to have made good progress with our partners in the ongoing development of our three projects in London, Istanbul and Yangon. We remain confident that our long-term growth is underpinned by a strong balance sheet comprising valuable high quality assets coupled with a low level of gearing." About The Hongkong and Shanghai Hotels, Limited (HSH) Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), The Hongkong and Shanghai Hotels, Limited is the holding company of a Group which is engaged in the ownership, development, and management of prestigious hotels and commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of tourism and leisure, club management and other services. The Peninsula Hotels portfolio comprises The Peninsula Hong Kong, The Peninsula Shanghai, The Peninsula Beijing, The Peninsula Tokyo, The Peninsula Bangkok, The Peninsula Manila, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, and The Peninsula Paris. Projects under development include The Peninsula London, The Peninsula Yangon and The Peninsula Istanbul. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and St. John's Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; 1-5 Grosvenor Place in London, UK, and 21 avenue Kléber in Paris, France. The clubs and services portfolio of the Group includes The Peak Tram in Hong Kong; Thai Country Club in Bangkok, Thailand; Quail Lodge & Golf Club in Carmel, California; Peninsula Clubs and Consultancy Services, Peninsula Merchandising, and Tai Pan Laundry in Hong Kong. For further information on this release, please contact: The Hongkong and Shanghai Hotels, Limited Jackie Lam Websites: www.hshgroup.com www.peninsula.com Unaudited Operating Statistics – First Quarter of 2016 The unaudited quarterly operating statistics of The Hongkong and Shanghai Hotels, Limited (the "Company") for the first quarter of 2016 are as follows: THE PENINSULA HOTELS
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The unaudited quarterly operating statistics of the Company for 2016 and 2015 are as follows: THE PENINSULA HOTELS
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Notes for All Operations: 1. pp = percentage points Notes for The Peninsula Hotels: 4. Number of rooms is the total number of guestrooms in a hotel, whether available for sale or not. Rooms available, or saleable inventory, is the total room inventory less rooms unavailable for an extended period of time and / or permanent house use rooms.
Notes for Leasing: 12. Occupancy Rate is the occupied area leased / area available for lease. Shareholders and potential investors of the Company are reminded that the above operating information has not been reviewed or audited by the Company's independent auditor. Shareholders and potential investors of the Company should therefore exercise caution when dealing in the securities of the Company. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Unaudited Operating Statistics – First Quarter of 2016 The appended unaudited operating statistics and press release contain the first quarter operating information of The Hongkong and Shanghai Hotels, Limited (the "Company"). This announcement is made pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong). The same information is dispatched to shareholders and members of the press at the Annual General Meeting of the Company held on 11 May 2016. Shareholders and potential investors of the Company are reminded that the operating information has not been reviewed or audited by the Company's independent auditor. Shareholders and potential investors of the Company should therefore exercise caution when dealing in the securities of the Company. For and on behalf of the Board Hong Kong, 11 May 2016 As at the date of this announcement, the Board of Directors of the Company comprises the following Directors:
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