Peninsula has recorded an 18% rise in revPAR (revenue per available room) at its Asian hotels (not including Hong Kong) in the first quarter of the year.
The hotels in Bangkok, Beijing, Manila, Shanghai and Tokyo achieved average revPAR of HK$1,486 (US$192) in the first three months of 2015, compared to HK$1,256 in the corresponding period last year. Much of this growth was driven by rising occupancy levels (+8% to 68%), including a sharp rise guests at The Peninsula Bangkok, where street protests impacted the 2014 results.
The Peninsula Hong Kong however, reported a 4% decline in revPAR, to HK$3,832, following a 3% fall in occupancy to 75%. This was caused by a “generally weaker business environment in Hong Kong [and] the depreciation of the Japanese yen”, the company said.
“The first quarter results were generally in line with our expectations and reflect the seasonal nature of the hotel industry,” said Clement KM Kwok, CEO & managing director of Peninsula’s parent company, HSH. “We have experienced a mixed start to our business in 2015 and will work hard to drive revenue and contain costs across our operations.”
Peninsula’s hotels in the US and Europe experienced a 3% drop in revPAR in Q1 2015, a result HSH attributed to the impact of “cold weather in the US and the January terrorist attacks in Paris“.
For the remainder of the year, the company said its operating results will be adversely affected by the renovations of The Peninsula Beijing and Peninsula Chicago.
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