The owner of Hong Kong’s iconic Peninsula hotel plans to invest HK$2.1 billion (US$268 million) to renovate its flagship hotel in the city and its Tokyo property, betting on the long-term strength of the luxury travel market despite geopolitical uncertainty and volatile consumer demand.
Hongkong and Shanghai Hotels (HSH), which owns and operates The Peninsula hotel chain, announced the renovation plan on Wednesday alongside interim results showing a return to profit after stronger performances from its hotels in Greater China and the United States.
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.
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