The Hong Kong and Shanghai Hotels, which owns and operates The Peninsula Hotels among others, reported mixed occupancies for the first quarter of 2008.
It showed its US hotels being affected by the economic slowdown but its Asian hotels and its non-hotel properties recorded steady growth.
HSH Chairman, Michael Kadoorie, said the Group continues its business growth and expansion into key destinations with the opening of The Peninsula Tokyo in September 2007 and the impending opening of The Peninsula Shanghai in late 2009.
Commenting on the Group’s first quarter performance, HSH’s Chief Executive Officer, Clement K.M. Kwok, said: “Although some segments of our businesses have been affected by the economic slowdown in the US, most notably our hotels in New York and Chicago, this is counter-balanced by continued strength in our Asian hotels and in our non-hotel properties.”
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