Peninsula group to renovate Hong Kong flagship, Tokyo hotel in US$268m project
No timeline has been set, but the operator says it will minimise disruption while preserving the heritage of its iconic Hong Kong hotel
The board also approved the capital expenditure programme for The Peninsula Hong Kong and The Peninsula Tokyo, which accounted for most of the group’s total HK$2.5 billion in outstanding capital commitments.
Preserving the heritage and character of the building is a key consideration
“These capital expenditure programmes reflect our confidence in the long-term value of our owned portfolio,” CEO Benjamin Vuchot said in the group’s statement on Wednesday.
“Preserving the heritage and character of the building is a key consideration,” said Lynne Mulholland, HSH general manager, group corporate affairs.
While the timeline for the renovations was yet to be finalised, the hotel would aim to minimise disruption during the works, Mulholland added.
The investment comes as Hong Kong’s tourism sector continues to recover, with international visitor arrivals supporting a rebound in luxury hospitality.
For the six months ended June 30, HSH posted a profit attributable to shareholders of HK$23 million, compared with a loss of HK$289 million a year earlier. Excluding property revaluation gains and other non-recurring items, its underlying loss narrowed from HK$216 million to HK$17 million.