The Hongkong and Shanghai Hotels, Limited (HSH) has disclosed its unaudited first quarter operating statistics, showing a satisfactory overall performance from its hotels division.

　　　　Commenting on the year-to-date results, HSH managing director and chief executive officer Clement K.M. Kwok said, “The Peninsula Hotels have generally performed in line with expectations in the first quarter. The Peninsula Hong Kong has seen a strong growth in revenue as compared to a year ago when the hotel was under renovation and The Peninsula Tokyo has continued its strong recovery.”

　　Peninsula Hotels

　　The RevPAR of The Peninsula Hong Kong showed a 24% decline as compared with the same period last year. However, this is not a like-for-like comparison as the hotel was under renovation last year, which resulted in it having a reduced inventory of only 135 rooms from September 2012 to May 2013.

　　The Peninsula Tokyo has continued to benefit from improved market conditions and reported a 19% increase in RevPAR. The Peninsula Hotels in other parts of Asia experienced a 5% decrease in RevPAR due to the highly competitive landscape and political uncertainties. Hotels in Shanghai, Beijing and Manila have all seen reduced rates in 2014, although occupancy has been maintained. The Peninsula Bangkok continues to be negatively impacted by the on-going local political conflict.

　　The Peninsula Hotels in the US recorded a 3% increase in RevPAR, resulting from a five per cent increase in average room rates despite reduced occupancy.

　　Outlook and developments

　　The group has announced that it has entered into a definitive shareholders agreement with Yoma Strategic Holdings Ltd to develop the former headquarters of the Myanmar Railway Company into The Peninsula Yangon. The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building, which dates from the 1880s.

　　Unaudited operating statistics – first quarter of 2014

　　The unaudited quarterly operating statistics of The Hongkong and Shanghai Hotels, Limited (the “Company”) for the first quarter of 2014 are as follows:

　　PENINSULA HOTELS

LEASING

The unaudited quarterly operating statistics of the Company for 2014 and 2013 are as follows:

PENINSULA HOTELS

LEASING

　　Notes for All Operations:

　　1.pp = percentage points

　　2.( ) = the change is a decrease compared with last year

　　3.All amounts are expressed in HK$

　　Notes for Peninsula Hotels:

　　4.Occupancy rate: Rooms occupied / rooms available

　　5.Average room rate:

　　Total rooms revenue including any undistributed service charge / Rooms occupied

　　6.RevPAR:

　　Total rooms revenue including any undistributed service charge / Rooms available

　　7.Occupancy rates, average room rates and RevPAR are weighted averages for the hotels in each grouping.

　　8.The average room rates and RevPAR include undistributed service charge, which is levied at 10% in Hong Kong and at 15% in mainland China and Japan.

　　9.The renovation in The Peninsula Hong Kong was completed in two phases, resulting in 135 rooms being removed from saleable inventory from January to September 2012, followed by 165 rooms being out of saleable inventory from September 2012 to May 2013.

　　10.Peninsula Hotels are located in

　　Hong Kong:Hong Kong

　　Other Asia:Shanghai, Beijing, Tokyo, Bangkok and Manila

　　United States of America:New York, Chicago and Beverly Hills