Peninsula Hong Kong hotel revenue per room jumps 18% in third quarter
Peninsula hotels in Greater China saw third-quarter revenue per available room rise 18% year-on-year to HK$2,912, while European properties posted a 15% increase. Office space was the weakest link, with rents falling 9% and occupancy plunging 15 percentage points.
The Hongkong and Shanghai Hotels (0045), operator of Peninsula hotels in Greater China, reported third-quarter revenue per available room jumped 18 per cent year-on-year to HK$2,912. Across other regional operations, European properties posted a revenue per available room of HK$10,616, representing a 15 per cent increase. US hotels recorded a 9 per cent rise to HK$6,534, while properties in Asia excluding Greater China increased 2 per cent to HK$2,046.
Office space was the weakest link in the company's portfolio, with average monthly rents falling 9 per cent to HK$62 per square foot and occupancy plunging 15 percentage points to 61 per cent. By contrast, retail arcades performed steadily. Average monthly rents rose 7 per cent to HK$141 per square foot, with occupancy up 2 percentage points to 91 per cent. Residential leasing remained stable, with rents up 4 per cent to HK$49 per sq ft.