Peninsula slates HK$2.1b for hotel renovation projects
The operator of Peninsula hotels brand said on Wednesday that its board has approved renovation projects for both The Peninsula Hong Kong and The Peninsula Tokyo, with a total budget of about HK$2.1 billion. The announcement came as the Hongkong and Shanghai Hotels Limited (HSH) said it swung to a profit of HK$23 million in the first half of this year from a loss of HK$289 million a year earlier.…
The Peninsula hotel chain's operator, Hong Kong and Shanghai Hotels Limited, has approved a HK$2.1 billion renovation budget for two of its flagship properties, The Peninsula Hong Kong and The Peninsula Tokyo. This comes after the company reported a first-half profit of HK$23 million, marking a turnaround from a HK$289 million loss the previous year.
HSH chief executive Benjamin Vuchot expressed optimism about future demand, citing international travel recovery, sustained luxury spending, and a growing appetite for personalized experiences. However, he warned that geopolitical tensions, currency shifts, and shorter booking periods could still pose challenges in certain markets.
The board also decided against distributing an interim dividend, taking into account the company's financial standing and future funding requirements.
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