Wednesday, September 24, 2014   




Great Eagle see upturn for hotels

Nicole Kwok

Friday, November 21, 2003

Hotel occupancy is expected to grow 5 per cent next year as the

economy recovers and travellers return, Great Eagle Holdings deputy

chairman and managing director Lo Ka-shui said.

Great Eagle's two local hotels, the Langham Hotel in Tsim Sha Tsui and

the Eaton Hotel in Jordon, had an average occupancy rate of about 80

per cent in the current quarter with prices about the same as last

year, Lo said.

The two hotels' annual occupancy rate so far this year was about 60

per cent. Occupancy fell to 10 per cent during the Sars outbreak. The

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European and American visitor numbers have recovered and the number of

executive travellers has also been rising, Lo said. "The number of

Japanese visitors is still 30 per cent below normal."

Great Eagle also predicted an improvement in the commercial property

market and an increase in office rents next year. Lo revealed that

Great Eagle was negotiating with potential tenants over the 100,000

square feet of space at its flagship office property Citibank Plaza in

Central. The occupancy rate at Citibank Plaza is about 80 per cent,

while that of Eagle Centre in Wan Chai is more than 90 per cent.

At the topping out ceremony of the Langham Place project in Mong Kok,

Lo said 700,000 square feet of office space would be released for rent

after the Lunar New Year. Great Eagle and the Urban Renewal Authority

jointly developed the HK$10 billion project.

Nicole Kwok

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END


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