SHKP Quarterly

Room rates of the Group’s luxury hotels, including Four Seasons Hotel Hong Kong in Central, and The Ritz-Carlton, Hong Kong and W Hong Kong in West Kowloon, surpassed the pre-pandemic levels on the back of an increase in high-end travellers. Our international upscale hotels, such as Hyatt Centric Victoria Harbour Hong Kong in North Point, Crowne Plaza Hong Kong Kowloon East in Tseung Kwan O, and the five Royal brand hotels , recorded a solid rise in occupancy and a recovery in room rates after the Group refined its customer-focused strategies. During the summer months, Hong Kong recorded the highest recovery of visitors since the border reopening. Specifically, in August 2023, the number of visitors reached about 70% of that in August 2018. The uptrend in visitor arrivals is expected to continue in the fourth quarter together with the gradual recovery in the number of mainland and international flights (expected to reach about 80% of the pre-COVID levels by the end of 2023). On the mainland, The Ritz-Carlton Shanghai, Pudong , and our JV hotels Park Hyatt Hangzhou and Conrad Guangzhou saw a strong recovery in terms of revenue per available room in 2023. Andaz Nanjing Hexi , the Group’s newest luxury hotel, which opened on 26 April 2023, in the Nanjing IFC complex, has become the preferred Hong Kong’s hotel industry has seen a continuous recovery from the city’s gradual resumption of normal travel since Q1 2023. The performance of the Group’s hotel portfolio improved markedly, with both occupancy and room rates increasing gradually. The Ritz-Carlton, Hong Kong provides guests with a truly luxurious and highly personalised service experience 香港麗思卡爾頓酒店為旅客提供尊貴且高度個人化的服務體驗 Four Seasons Hotel Hong Kong, in the heart of Central, is sought after by high-end business travellers 香港四季酒店位處中環核心地段，深受高端商務旅客的歡迎 Strong rebound in hospitality business in Hong Kong and on the mainland Feature Story Vol 109 • Q3 2023 • SHKP Quarterly 4