Rates rise at The Peninsula

Business | Sunny Tse 2 Nov 2018

The Peninsula Hong Kong's occupancy rate fell to 57 percent in the third quarter but room rates rose compared with the same period last year.

The average room rate the flagship property of The Hongkong and Shanghai Hotels (0045) increased as much as 24 percent to HK$5,485 while revenue per available room slid 0.06 percent to HK$3,148. The occupancy rate in other Asian regions was up by 7 percent to 73 percent compared to the same period last year while the average room rate slightly dropped 0.66 percent to HK$2,410, and the average saleable rate up as much as 10 percent to HK$1,750.

Occupancy rates in the United States and Europe rate rose by 2 percent to 79 percent while the average room rate increased by 3.14 percent to HK$6,276 and the average saleable rent by 5.75 percent to HK$4,927.

Meanwhile leasing of residentials and offices saw an increase of occupancy rate to 95 and 87 percent respectively, compared to the same period the year before yet, while shopping arcades' slid 2 percent to 87 percent.

Both residentials and offices increased average monthly yield per available square foot by 2.22 percent to HK$46 per sq ft and 19 percent to HK$63 per sq ft while the shopping arcades fell 4.02 percent to HK$167 per sq ft.

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