-- At its Annual General Meeting held today, The Hongkong and Shanghai Hotels, Limited (HSH) disclosed its unaudited first quarter operating statistics for 2026.
Commenting on the year-to-date results, HSH Chairman The Hon. Sir Michael Kadoorie said:
“In the first quarter of 2026, we are pleased to see encouraging improvements across all regions. Performance in Greater China has strengthened compared to the same period last year, supported by improved occupancy and room rates.
Our hotels in Europe and the United States continue to deliver solid results, while the rest of Asia has also shown steady performance. Overall, the demand for luxury travel remains resilient and we are seeing positive momentum across our key markets.
A priority for our group in 2025 was the stabilisation of our financial position and the disciplined management of our asset portfolio. With excellent guidance from our new Chief Executive Officer, Benjamin Vuchot, we completed a strategic review to define our growth for the short, medium and long term.
In the first quarter of 2026, the group delivered a strong year-on-year improvement in operating performance, reflecting continued momentum across our core businesses and the hard work of our teams. These results demonstrate the resilience of our portfolio and the enduring strength of The Peninsula brand.
While we continue to face significant external volatility, including the impact of geopolitical tensions on certain markets, management remains focused on protecting profitability, maintaining service excellence and cost discipline.
I remain optimistic for the future of our company and would like to express my gratitude to our Board of Directors, shareholders, business partners, customers and guests for their continued support.”
During the Annual General Meeting, Sir Michael announced the retirement of Sir David KP Li, Mr Pierre Boppe and Dr William Fung as Independent Non-Executive Directors at the conclusion of the meeting. Mr Boppe and Sir David KP Li will remain as Senior Advisors to the Chairman. To fill the vacancies arising from these retirements, Mr Adrian Li, Mr Philippe Ward and Ms Kalpana Desai have been appointed as Independent Non-Executive Directors immediately after the conclusion of the meeting. Sir Michael expressed sincere gratitude to Sir David KP Li, Mr Boppe and Dr Fung for their distinguished service and valuable contributions to the company over many years, and warmly welcomed Mr Li, Mr Ward and Ms Desai to the Board.
To summarise the 1Q Operating Statistics:
The Peninsula Hotels
The hotels division reported improved performance across all regions compared to the previous year, with increases in RevPAR, average room rates and occupancy.
Performance in Greater China improved following a softer period last year, with occupancy rising to 65% (vs 55%) and supported by higher room rates. Europe and the United States continued to demonstrate solid demand, with RevPAR reaching HK$4,886 and HK$4,377 respectively. Asia (excluding Greater China) recorded stable growth, with occupancy rising to 73% (vs 67%), reflecting steady travel demand across the region.
Commercial Properties
Residential Leasing: The residential leasing portfolio continued to perform strongly with occupancy remaining high at 97%.
Shopping Arcades: Retail arcades maintained stable occupancy at 89%, with rental levels remaining broadly resilient despite a mixed retail environment.
Offices: The office portfolio continued to face pressure, with occupancy at 64%, reflecting ongoing challenges in the office leasing market.
Outlook and Developments
In the current operating environment, the group remains cautiously optimistic for the year ahead. The outlook for luxury travel remains positive, supported by sustained demand from international travellers. The group will continue to focus on strengthening its brand positioning, enhancing guest experiences and pursuing disciplined growth through new property developments. At the same time, the group remains mindful of macroeconomic uncertainties and evolving market conditions.
For further information on this release, please contact:
The Hongkong and Shanghai Hotels, Limited
Lynne Mulholland, General Manager, Group Corporate Affairs Tel: (852) 6718 8219 Email: [email protected]
Lilian Lau, Director, Group Corporate Affairs Tel: (852) 9611 0502 Email: [email protected]
Release ID: 89192087
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