The Peninsula average rates rise in 'soft' first quarter

Business | 10 May 2019 2:50 pm

The owner and operator of the prestigious The Peninsula hotels, the Hongkong and Shanghai Hotels, (0045)  announced today the first quarter financial performance was “soft.''

The Managing Director and Chief Executive, Clement Kwok, said: “We have experienced a soft first quarter in terms of operating results for our hotels, reflecting the seasonal nature of the hotel industry. In Hong Kong, average rates increased slightly although revenue per available room and occupancy decreased.''

RevPar reflects the revenue generating ability of the hotels from available rooms, calculated based on total rooms revenue divided by rooms available.

Kwok said that the commercial properties division, which includes the Peak Complex and The Repulse Bay, provided a stable income with high occupancy levels and improved yield for residential.

The RevPAR of The Peninsula in Hong Kong was HK$4,164, while it was HK$3,283 in the US and Europe (New York, Chicago, Beverly Hills and Paris).

The average room rate in The Peninsula in Hong Kong was HK$5,989 in the first quarter. The occupancy rate was 70 percent.

In the Penisula Hotels of Shanghai, Beijing, Tokyo, Bangkok, and Manila, the RevPar was HK$1,885 and the average room rate was HK$2,604.

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