Grand Hotel: Some international tourists visiting Hong Kong have returned this year

On March 20th, Hong Kong reported that Guo Jingwen, the Managing Director and CEO of Grand Hotel, stated that the business performance of Peninsula Hotel Hong Kong, Peninsula Hotel Shanghai, and Peninsula Hotel Wangfu has gradually improved, especially in the local mainland market.

However, due to a shortage of international tourists from Western countries, the performance of Peninsula hotels in Greater China is still lower than pre pandemic levels. But currently, the proportion of long-distance travelers from Europe and the United States among Hong Kong visitors is relatively small, and it is difficult to say when they can recover to before the epidemic. This year, we have seen some international travelers returning, reflecting a gradual improvement in the market.

As for the London Peninsula Hotel and Istanbul Peninsula Hotel, which started trial operations last year, he pointed out that the timing of the hotel's achievement of revenue balance depends on multiple factors, including market conditions. However, Istanbul Peninsula Hotel is still not fully completed and needs to be completed and opened in stages. If there are no other special circumstances, the two hotels can remain stable after 3 years of official opening.

Hong Kong will implement a hotel rent tax next year, and he pointed out that its impact on hotels is not significant. The most important thing is that Hong Kong itself can attract tourists to come to Hong Kong.

Guo Jingwen, who will retire as the Managing Director and CEO of the Grand Hotel starting from October 31st this year, stated that due to the heavy workload at hand, he did not consider his retirement life, and there is currently no new news on his successor.

After retiring, he will continue to serve as an executive director and advisor to the CEO on the board of directors until the end of the expected 2025 annual shareholders meeting in May 2025.