The Hongkong & Shanghai Hotels (HSH), the parent company of Peninsula Hotels, has posted a strong set of full-year financial results.
The company generated profits of HK$1.53 billion (US$197 million) in 2014, up 17% year-on-year, while the company’s hotel operations recorded a 26% jump in profits, to HK$818m. Total revenue increased 5% to HK$5.84bn, including HK$4.26bn in hotel turnover.
Clement Kwok, managing director & CEO of HSH, said he was “delighted to report a substantial increase” in profits.
“This result was achieved through the enhanced earnings of The Peninsula Hong Kong in its first full year of operations following its extensive rooms renovation project completed in May 2013, the continued improvement of the results of The Peninsula Tokyo and our overall efforts to drive revenues and contain costs around the group,” Kwok said.
The Peninsula Hong Kong generated the highest amount of revenue for the group, followed by the Peninsula hotels in Tokyo and New York. The Peninsula Bangkok however, was the group’s lowest revenue-generating hotel.
HSH also reached a significant milestone in 2014 with the opening of its first hotel in Europe, The Peninsula Paris. It is now planning to expand into London, and has also confirmed plans to launch its first hotel in Myanmar; The Peninsula Yangon.
In 2015, Kwok said the company’s results would be “adversely affected by the partial closure of The Peninsula Beijing and the disruption to The Peninsula Chicago as a result of their renovation projects”.
But the CEO added that he is “optimistic that the actions we have taken over the years will result in attractive long-term growth and development for our company”.
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