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HONG KONG, May 12, 2014 /PRNewswire/ -- At its Annual General Meeting held today, The Hongkong and Shanghai Hotels, Limited (HSH) disclosed its unaudited first quarter operating statistics, showing a satisfactory overall performance from its hotels division.
Commenting on the year-to-date results, HSH Managing Director and Chief Executive Officer Mr Clement K.M. Kwok said, "The Peninsula Hotels have generally performed in line with expectations in the first quarter. The Peninsula Hong Kong has seen a strong growth in revenue as compared to a year ago when the hotel was under renovation and The Peninsula Tokyo has continued its strong recovery."
Peninsula Hotels
The RevPAR of The Peninsula Hong Kong showed a 24 percent decline as compared with the same period last year. However, this is not a like-for-like comparison as the hotel was under renovation last year, which resulted in the hotel having a reduced inventory of only 135 rooms from September 2012 to May 2013.
The Peninsula Tokyo has continued to benefit from improved market conditions and reported a 19 per cent increase in RevPAR. The Peninsula Hotels in other parts of Asia experienced a five per cent decrease in RevPAR due to the highly competitive landscape and political uncertainties. Our hotels in Shanghai, Beijing and Manila have all seen reduced rates in 2014, although occupancy has been maintained. The Peninsula Bangkok continues to be negatively impacted by the ongoing local political conflict.
The Peninsula Hotels in the United States recorded a three per cent increase in RevPAR, resulting from a five per cent increase in average room rates despite reduced occupancy.
Commercial Properties
Residential Leasing: Occupancy at The Repulse Bay Complex declined by 11 percentage points due to the subdued market conditions in Hong Kong for high-end residential leasing. In addition, the overall occupancy was negatively impacted by the lower occupancy in de Ricou Tower, which reopened in August 2013 after an 18-month closure for a complete renovation.
Shopping Arcades: The shopping arcades in The Peninsula Hotels, The Peak Tower and The Repulse Bay continue to be essentially full, with 99 per cent occupancy and an increased yield of 12 per cent year-on-year, reflecting the strong demand from premium brands for retail space.
Offices: Yield from the Group's office leasing increased by seven per cent year-on-year, due to the increased occupancy and average rental rates in St. John's Building, located in Hong Kong.
Outlook and Developments
The Group is delighted to report that The Peninsula Paris is set to open later in 2014. On 28 January 2014, we entered into a definitive shareholders agreement with Yoma Strategic Holdings Ltd to develop the former headquarters of the Myanmar Railway Company into The Peninsula Yangon. The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building which dates from the 1880s.
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 New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Bangkok, The Peninsula Manila and The Peninsula Paris (expected opening in 2014). Projects under development include The Peninsula London and The Peninsula Yangon. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower, The Peak Tramways and St. John's Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; the Thai Country Club in Bangkok, Thailand, and 21 avenue Kleber in Paris, France.
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THE HONGKONG AND SHANGHAI HOTELS, LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00045)
Unaudited Operating Statistics -- First Quarter of 2014
The unaudited quarterly operating statistics of The Hongkong and Shanghai Hotels, Limited (the "Company") for the first quarter of 2014 are as follows:
PENINSULA HOTELS
| Occupancy rate (%) | Number of rooms |
Q1 2014 |
Q1 2013 |
Change (pp) |
| Hong Kong (note 9) | 300 | 78 | 84 | (6) |
| Other Asia | 1,941 | 60 | 62 | (2) |
| United States of America | 772 | 63 | 64 | (1) |
| Average Room Rate (HK$) | Number of rooms |
Q1 2014 |
Q1 2013 |
Change (%) |
| Hong Kong (note 9) | 300 | 5,111 | 6,212 | (18) |
| Other Asia | 1,941 | 2,104 | 2,119 | (1) |
| United States of America | 772 | 4,842 | 4,601 | 5 |
| RevPAR (HK$) | Number of rooms |
Q1 2014 |
Q1 2013 |
Change (%) |
| Hong Kong (note 9) | 300 | 3,989 | 5,232 | (24) |
| Other Asia | 1,941 | 1,256 | 1,316 | (5) |
| United States of America | 772 | 3,069 | 2,967 | 3 |
LEASING
| Occupancy rate (%) | Q1 2014 |
Q1 2013 |
Change (pp) | |
| Residential (Note 14) | 84 | 95 | (11) | |
| Shopping Arcade | 99 | 99 | - | |
| Office | 90 | 90 | - |
| Average Monthly Yield per available square foot (HK$) | Q1 2014 |
Q1 2013 |
Change (%) | |
| Residential | 41 | 44 | (7) | |
| Shopping Arcade | 206 | 184 | 12 | |
| Office | 48 | 45 | 7 | |
The unaudited quarterly operating statistics of the Company for 2014 and 2013 are as follows:
PENINSULA HOTELS
| Occupancy rate (%) | Number of | 2014 | 2013 | ||||||
| Rooms | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Hong Kong (note 9) | 300 | 78 | 84 | 60 | 65 | 84 | |||
| Other Asia | 1,941 | 60 | 62 | 66 | 66 | 69 | |||
| United States of America | 772 | 63 | 64 | 77 | 79 | 74 | |||
| Average Room Rate (HK$) | 2014 | 2013 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Hong Kong (note 9) | 5,111 | 6,212 | 5,200 | 4,588 | 5,149 | |||
| Other Asia | 2,104 | 2,119 | 2,142 | 1,932 | 2,232 | |||
| United States of America | 4,842 | 4,601 | 4,907 | 4,687 | 5,212 | |||
| RevPAR (HK$) | 2014 | 2013 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Hong Kong (note 9) | 3,989 | 5,232 | 3,125 | 2,978 | 4,312 | |||
| Other Asia | 1,256 | 1,316 | 1,423 | 1,270 | 1,549 | |||
| United States of America | 3,069 | 2,967 | 3,760 | 3,709 | 3,843 | |||
LEASING
| Occupancy rate (%) | 2014 | 2013 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Residential (Note 14) | 84 | 95 | 96 | 84 | 83 | |||
| Shopping Arcade | 99 | 99 | 99 | 99 | 99 | |||
| Office | 90 | 90 | 94 | 95 | 90 | |||
| Average Monthly Yield per available square foot (HK$) | 2014 | 2013 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Residential | 41 | 44 | 45 | 40 | 40 | |||
| Shopping Arcade | 206 | 184 | 190 | 194 | 196 | |||
| Office | 48 | 45 | 49 | 49 | 47 | |||
Notes for All Operations:
| 1. | pp = percentage points |
| 2. | ( ) = the change is a decrease compared with last year |
| 3. | All amounts are expressed in HK$ |
Notes for Peninsula Hotels:
| 4. | Occupancy rate: Rooms occupied / Rooms available | |
| 5. | Average room rate: | |
| Total rooms revenue including any undistributed service charge / Rooms occupied | ||
| 6. | RevPAR: | |
| Total rooms revenue including any undistributed service charge / Rooms available | ||
| 7. | Occupancy rates, average room rates and RevPAR are weighted averages for the hotels in each grouping. | |
| 8. | The average room rates and RevPAR include undistributed service charge, which is levied at 10% in Hong Kong and at 15% in mainland China and Japan. | |
| 9. | The renovation in The Peninsula Hong Kong was completed in two phases, resulting in 135 rooms being removed from saleable inventory from January to September 2012, followed by 165 rooms being out of saleable inventory from September 2012 to May 2013. | |
| 10. | Peninsula Hotels are located in: | |
| Hong Kong: | Hong Kong | |
| Other Asia: | Shanghai, Beijing, Tokyo, Bangkok and Manila | |
| United States of America: | New York, Chicago and Beverly Hills | |
Notes for Leasing:
| 11. | Occupancy rate: Occupied area / Area available |
| 12. | Average monthly yield per available square foot: Total rental income / Area available |
| 13. | Occupancy rates are weighted averages based on the space available in each grouping. |
| 14. | Residential includes all apartments in The Repulse Bay Complex. The statistics are affected by the re-opening of de Ricou tower in August 2013 after an 18-month closure for a complete renovation. |
| 15. | Shopping Arcades are located in The Peninsula hotels in Hong Kong, Shanghai, Beijing, New York, Tokyo, Bangkok and Manila, as well as The Repulse Bay Complex and The Peak Tower. |
| 16. | Offices are located in The Peninsula Hong Kong and St. John's Building. |
| 17. | The operating statistics do not include information for operations that are not consolidated or whose results are not material in the Group context: The Landmark, Vietnam; The Peninsula Residences, Shanghai; and 21 avenue Kleber, Paris. The operating statistics also do not include information for 1-5 Grosvenor Place, London because of the proposed redevelopment. |
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.
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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.
THE HONGKONG AND SHANGHAI HOTELS, LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00045)
Unaudited Operating Statistics -- First Quarter of 2014
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 12 May 2014.
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
The Hongkong and Shanghai Hotels, Limited
Christobelle Liao
Company Secretary
Hong Kong, 12 May 2014
As at the publication of this announcement, the Board of Directors of the Company comprises the following Directors:
| Non-Executive Chairman | |
| The Hon. Sir Michael Kadoorie | |
| Non-Executive Deputy Chairman | Non-Executive Directors |
| Ian Duncan Boyce | Ronald James McAulay |
| William Elkin Mocatta | |
| Executive Directors | John Andrew Harry Leigh |
| Managing Director and Chief Executive Officer | Nicholas Timothy James Colfer |
| Clement King Man Kwok | |
| Chief Financial Officer | Independent Non-Executive Directors |
| Alan Philip Clark | Dr. the Hon. Sir David Kwok Po Li |
| Patrick Blackwell Paul | |
| Chief Operating Officer | Pierre Roger Boppe |
| Peter Camille Borer | Dr. William Kwok Lun Fung |
| Dr. Rosanna Yick Ming Wong | |
