Peninsula Hotels owner Hongkong and Shanghai Hotels (0045) yesterday said the occupancy rate at The Peninsula Hong Kong doubled to 26 percent in the third quarter, from 13 percent in the second quarter. The occupancy rate of 300 rooms in Hong Kong fell 9 percentage points to 26 percent compared to the previous year, the company said in an unaudited statistic report. In other Asian regions, the occupancy rate of Peninsula Hotels was 38 percent last quarter, down 32 percentage points year-on-year and up 17 percentage point quarter-to-quarter, involving 1,500 rooms. The occupancy rate for hotels in the United States and Europe, was 24 percent, a drop of 56 percentage points year-on-year, and a 4 percentage points quarter-to-quarter increase, with 969 rooms. The average room rate was HK$5,047, down nearly 13 percent year-on-year and up 2 percent quarter-to-quarter.

Source: The Standard November 03, 2020 19:07 UTC