Hongkong and Shanghai Hotels (0045), the operator of Peninsula Hotels, swung to a net loss of HK$943 million last year, compared with a profit of HK$146 million in 2023, due to renovation works at The Peninsula New York, higher depreciation and financing charges, as well as revaluation and impairment losses.
Revenue rose 26.9 percent year-on-year to HK$10.99 billion, mainly driven by the full year contribution from The Peninsula London.
The Peninsula Hong Kong’s revenue grew 3 percent year-on-year to HK$1.07 billion in 2024, as occupancy rose 6 percentage points and revenue per available room climbed 10 percent, despite a 5 percent drop in the average room rate.
Chief executive Benjamin Vuchot said Hong Kong’s long-haul leisure travel market is improving and an increasing number of visitors are returning from Southeast Asia and the Middle East.
The Peninsula Hong Kong expects a stronger year as visitors return for major events, including the recently concluded annual event Art Basel, where it is a sponsor, Vuchot said.
STAFF REPORTER
Sing Tao
