The Peninsula Hong Kong experienced positive results in terms of revenue, occupancy and RevPAR compared to the same period in 2023. We were pleased to see a gradual improvement in the overall tourism sentiment in Hong Kong, and visitors are returning from the traditionally strong long-haul markets from US and Europe.

The city's food and beverage industry continued to be negatively impacted by a trend of Hong Kong residents travelling to the neighbouring city of Shenzhen to experience alternative dining options and hotel stays, although the outlook for 2025 is better.

We implemented dining promotions and unique experiences to attract guests. To drive food and beverage revenue, we once again partnered with Le French May to host exclusive concerts and dinners. In June and July 2024, we held a special celebration of Italian cuisine and culture, in collaboration with Mercato Gourmet, Hong Kong's leading Italian culinary retail brand.

Our collaborative venture with Hong Kong's iconic Star Ferry was extended in 2024 due to popular demand, and as a special occasion in April 2024 we hosted one of Puccini's beloved operas, La Bohème, featuring our signature Peninsula Afternoon Tea.

In March 2024, our global art programme "Art in Resonance" returned to The Peninsula Hong Kong. The opening, which was held during Hong Kong Art Week in collaboration with Art Basel, featured specially commissioned works from four visionary artists. In November 2024, we introduced four bespoke Bentley Bentayga Extended Wheelbase (EWB) Azure SUVs to our automotive fleet, to align with our legacy of offering the finest available transport to our guests. Our special Festive celebrations were once again very well received by guests.

We were proud to celebrate a No. 1 ranking in the "Top 10 hotels in Hong Kong and Macau" category at the Condé Nast Traveler Readers' Choice Awards 2024 for the second consecutive year.

The Peninsula Office Tower was 86% occupied in 2024, and the immediate outlook is stable. The Peninsula Arcade occupancy was 90% and despite a softer retail market across the city, our anchor luxury retail outlets have experienced queues outside their boutiques.

The Peninsula Shanghai

The Peninsula Shanghai
Revenue	RMB424m	+1%
Occupancy		+2pp
Average Room Rate		+6%
RevPAR		+9%

The Peninsula Shanghai performed well in 2024 and reported good average rates. The hotel also reported a positive year-on-year increase in occupancy and RevPAR.

International business returned to Shanghai, particularly in terms of business delegations and high-profile events for luxury brands. The majority of overseas visitors came from Hong Kong and Russia, we welcomed increasing numbers of leisure travellers from Indonesia, South Korea and Southeast Asia. The average length of stay of visitors increased significantly.

Food and beverage revenue was challenging due to a softer market across the city and a downturn in consumer spending. Banqueting and weddings were softer this year as it was not considered an auspicious year in China.

The Peninsula Arcade was 82% occupied during 2024. The retail market remained a challenge in Shanghai, although our anchor tenants reported stable business.

The group owns a 50% interest in The Peninsula Shanghai Complex which comprises a hotel, a shopping arcade and a residential tower of 39 apartments. As at 31 December 2024, a total of 32 apartment units have been sold.

The Peninsula Beijing

The Peninsula Beijing
Revenue	RMB299m	+1%
Occupancy		+5pp
Average Room Rate		+1%
RevPAR		+11%

The Peninsula Beijing experienced a strong year, achieving the highest RevPAR in the history of the hotel. More than 70% of our geographic mix was derived from the domestic market. Diplomatic business made up a majority of the international guests, with heads of state and high-level government visitors from Russia, Qatar, West Africa and European countries. However, flight capacity in Beijing remains below pre-pandemic levels and this continued to affect arrivals from long-haul markets.

We implemented some "intangible cultural heritage" experiences including exclusive visits to a Baiju (Chinese liquor) factory and a behind-the-scenes visit to the Forbidden City glazed brick factory, with the objective of offering unique experiences for our guests.

Food and beverage revenue was strong with good performance at Huang Ting and The Lobby, although banqueting was slower due to the year not being considered auspicious for weddings in Chinese culture. Jing , our Michelin-starred French restaurant, performed well.

In December, we continued our commitment to promoting contemporary art with an exhibition themed "The Path of Love and Hope" by Japanese artist Ryunosuke Okazaki which was well received by guests.

The Peninsula Arcade was 92% occupied although luxury retail business has softened across the city. We worked closely with our retail tenants to drive traffic and we have signed tenancy agreements with luxury brands as well as contemporary sports and wellness brands to attract a younger demographic.

The Peninsula Tokyo

The Peninsula Tokyo
Revenue	JPY16.18b	+21%
Occupancy		+11pp
Average Room Rate		+11%
RevPAR		+32%

In 2023 The Peninsula Tokyo recorded a strong 2024 with rates, occupancy and RevPAR achieving significant growth, returning to pre-pandemic results. This was driven by robust international business from US, UK and Hong Kong.

Food and beverage revenue improved compared to the previous year, with banquets experiencing strong demand. Hei Fung Terrace and The Lobby recorded good results. At Peter and Peter Bar we implemented private dining events and continued our popular Guest Bartender Series with "Season Two", featuring top female mixologists from Japan offering innovative cocktails.

Sakura season is the busiest time of year in Tokyo and to celebrate this beautiful display of nature, we collaborated with a celebrated Kamon father-and-son artist and design team to adorn The Lobby with a giant Kamon artwork entitled "The Peninsula Tokyo + Sakura + Art". In autumn, we showcased another grand art installation created by renowned father-and-son artists Shoryu and Yoho Hatoba, titled "The Peninsula Tokyo + Kaede + Art".

The arcade business was robust and we introduced one of the world’s largest sports car brands as a new tenant on the ground level of the hotel.

 

The Peninsula London

The Peninsula London
Revenue	GBP86m	+549%
Occupancy		+20pp
Average Room Rate		-11%
RevPAR		+29%

 

One of the highlights of the year at The Peninsula London was the grand opening celebration on 18 June 2024 which was attended by more than 2,500 VIP guests and celebrities.

The Peninsula London continues to attract positive reviews. Rooms business is gaining momentum month by month and banquets and the Spa are performing well. Food and beverage was strong and our Cantonese restaurant Canton Blue and rooftop bar Brooklands performed well during the year. We were delighted that the fine dining restaurant of Brooklands was bestowed with two Michelin stars in January 2024 and retained this in 2025.

The Peninsula London Complex comprises a 190-room hotel and 24 luxury Peninsula-branded Residences. In 2024, the sales of a total of 7 luxury Residences were completed, generating total proceeds of HK$3.5 billion. Of the 24 Residences, the sales of 17 have been completed to date.

We are in the process of preparing and agreeing final accounts with our trade contractors and consultants, which will include finalisation of programme delay costs.

The Peninsula Paris

The Peninsula Paris
Revenue	EUR95m	+13%
Occupancy		+3pp
Average Room Rate		+9%
RevPAR		+16%

The highlight of the year for The Peninsula Paris was the Summer Olympics, during which the hotel generated significant room revenue as a result of corporate and diplomatic business. We also welcomed a high-level government heads of state visits during March which had a significant positive impact on business.

2024 marked The Peninsula Paris’s 10th anniversary, a milestone celebrated throughout the year with a series of events, media and social campaigns and celebrations. New culinary concepts were introduced including "Les échappées", al fresco summer dinners with live music on Sundays and Monday on La Terrasse Kléber.

The introduction of the luxurious brand Margy’s from Monte Carlo in May 2024 at the Spa was very well received by guests.

The signature events held during the year including the summer rooftop party, Pink October charity gala, and the elegant Winter Gala, combined with new and stylish content creation, have rejuvenated the brand image of The Peninsula Paris with the aim of appealing to local Parisiens and international guests alike.

The Peninsula Istanbul

The Peninsula Istanbul
Revenue	EUR44m	+96%
Occupancy		+24pp
Average Room Rate		-22%
RevPAR		+53%

The Peninsula Istanbul experienced its first full year of operation in 2024. Since opening in 2023, the hotel has received significant positive media coverage and received an accolade of No 1 Hotel in Europe and No 1 Hotel in Istanbul from Travel + Leisure’s 2024 World’s Best Awards.

While in its first full year of operation, momentum has been satisfactory and continues to gather pace, achieving RevPAR number 3 in the city for the full year of 2024. Geopolitical tensions in the region affected overseas visitors in the first quarter but this stabilised from the second quarter onwards and US visitors started to return to the region. Saudi Arabia, Qatar, Russia and UK markets were also strong. Average room rate has reported a significant drop year on year, due to a revised room rate strategy focusing on driving occupancy and in line with our competitive set.

Food and beverage performance has been strong, particularly in The Lobby and banqueting, as the hotel offers one of the largest al fresco ballrooms in the city which has become popular for weddings and large corporate events. Our rooftop restaurant GALLADA closed from January to April 2024 to allow for the construction of an extended pavilion, enabling more year-round dining. GALLADA has received significant positive reviews and has become a top dining destination in the city.

The Peninsula New York

The Peninsula New York
Revenue	US$83m	-15%
Occupancy		-2pp
Average Room Rate		+17%
RevPAR		+14%

The Peninsula New York completed a significant renovation during 2024 which resulted in a transformation of the guestrooms, lobby, rooftop bar Pen Top and public areas. This renovation started in phases in January 2024 and was completed in September 2024 in time for the UN General Assembly, which was a significant source of business for the hotel. An average 98 keys out of 233 keys were out of commission during this period. This negatively affected revenue for the period under renovation; however, the room rates and RevPAR improved once the new rooms product became available and received very positive reviews from guests and media.

Food and beverage revenue was strong, with good results from catering as a result of having a retractable roof on the terrace for small private events.

The Peninsula Beverly Chicago

The Peninsula Chicago
Revenue	US$84m	+6%
Occupancy		+4pp
Average Room Rate		+3%
RevPAR		+10%

The Peninsula Chicago recorded a positive year in 2024, driven by good group business including a variety of entertainment groups, celebrities, high-profile sports teams and press tours. Having implemented some innovative digital marketing strategies, we were pleased to see the results and once again finished the year as the leader in RevPAR in the city.

Business was robust at our rooftop bar Z Bar , which has won accolades of the Best Bar in Chicago from Mandoe Media. Aside from Z Bar, food and beverage revenue was flat and we implemented a variety of innovative promotions at Pierrot Gourmet, Shanghai Terrace , as well as bringing back the very popular "Chocolate Bar" promotion in The Lobby .

The Peninsula Chicago has collaborated with art partners to curate contemporary art exhibits that are showcased throughout the hotel's public space and on display for several months, commencing during the city's annual EXPO CHICAGO art event. In April 2024, the Pizzuti Collection collaborated with The Peninsula Chicago to present A Journey , an exhibition of 30 exceptional works, many of which are painted by Black artists, which was very well received by guests and the local community.

We were delighted to receive the accolade of No. 2 Hotel in Chicago from Travel + Leisure's 2024 World’s Best Award.

The Peninsula Beverly Hills

The Peninsula Beverly Hills
Revenue	US$81m	+2%
Occupancy		+4pp
Average Room Rate		-4%
RevPAR		+3%

The Peninsula Beverly Hills experienced a stable performance in 2024 with improved occupancy and RevPAR year-on-year, although rates declined slightly. Los Angeles was affected by prolonged inclement weather in early 2024, which negatively affected our rooftop and pool areas as well as weekend guests and drive-in visitors.

In the first quarter, we received high suite demand due to large conferences being held in Beverly Hills, particularly the Milken Conference which led to substantial additional events and group bookings.

Food and beverage revenue was softer during the year and we implemented various promotions to drive business. As part of a pop-up dining experience series, we introduced a pop-up of Michelin-starred French restaurant Camphor and Mexican cultural evenings of "Nights in Jalisco" during August, which helped drive revenue in Belvedere Terrace.

In June 2024, the hotel was the venue for an auction exhibition of "Princess Diana's Elegance & A Royal Collection" which was the largest collection of gowns and accessories ever to be auctioned. This event received remarkable press coverage for the hotel.

We were saddened by the loss of lives and thousands of homes due to the wildfires in early 2025 in the city. We have implemented a "Hope for Los Angeles" campaign to give back to the local communities affected by the fires. For every night booked at The Peninsula Beverly Hills, New York, or Chicago between 1 February and 31 March 2025, a US$5 donation will be made to a non-profit, government-funded organisation providing resources to wildfire survivors.

The Peninsula Bangkok

The Peninsula Bangkok
Revenue	THB1,063m	+16%
Occupancy		+5pp
Average Room Rate		+8%
RevPAR		+20%

The Peninsula Bangkok experienced an improved year compared to the same period last year with increasing room rates, stronger RevPAR and revenue. International business improved in Thailand with guests returning from mainland China, Malaysia, Russia and South Korea.

The local business environment remains challenging in Bangkok due to a large oversupply of hotels, and the team is focused on positioning The Peninsula Bangkok as a unique "urban wellness resort" location with stunning riverfront views. We re-introduced our wellness festival in September 2024, with the theme of "Art of Urban Wellness", featuring a diverse range of holistic wellness activities, classes, and workshops led by acclaimed practitioners, aimed at enhancing guests' physical, mental, and nutritional well-being.

In May 2024, we announced the three-month residency of Thai textile virtuoso Jarupatcha Achavasmit as part of The Peninsula's celebrated global art programme, "Art in Resonance". We also offered complimentary cultural tours on a weekly basis which comprised multicultural visits to Thai temples, shrines and mosques.

In November 2024, we implemented a special range of packages to celebrate Loy Krathong, one of Thailand's most cherished festivals, with a spectacular range of activities celebrating tradition, entertainment, and gourmet cuisine.

The Peninsula Manila

The Peninsula Manila
Revenue	Php1,681m	+5%
Occupancy		-1pp
Average Room Rate		+4%
RevPAR		+3%

The Peninsula Manila experienced a satisfactory performance in 2024 compared to the previous year. Average room rates, revenue and RevPAR all increased year on year. New office buildings and revitalised shopping centres in the nearby area of Makati City brought increased traffic and a new Convention Hall attracted an increasing amount of domestic and international conventions business.

The Peninsula Manila remains a preferred hotel of high-level ministerial delegations and we welcomed several heads of State and government delegations from Asia and the North America during 2024. We also saw good growth in air crew groups choosing to stay at The Peninsula Manila, which should help improve occupancy in the coming year.

Banqueting business continued to be a key driver of food and beverage revenue and wedding business was strong. The Lobby , Spices and Escolta also performed well. We introduced Mizunara: The Library, Hong Kong for a pop-up promotion of Hong Kong cocktails at The Bar in February 2024 and this proved popular with guests.

We were delighted to receive the accolade of "Best Business Hotel in Manila" in the 2024 Business Traveller Asia-Pacific Awards.

Commercial Properties Division

Commercial Properties	Revenue	Variance	Year-on-Year
	HK$m	HK$	Local Currency
The Repulse Bay Complex	581	+5%	+5%
The Peak Tower	165	+20%	+20%
St. John’s Building	45	-4%	-4%
The Landmark	38	-7%	-2%
21 avenue Kléber	31	+17%	+18%
The Peninsula Shanghai Apartments	8	+17%	+20%

Our largest commercial property, The Repulse Bay Complex, enjoyed a positive momentum and positive leasing environment compared to the previous year. Residential revenue and occupancy improved at 101 Repulse Bay and de Ricou following a minor refurbishment of 30 apartments, and we were pleased to see demand returning from local moves and expatriates who are returning or moving to Hong Kong.

The Repulse Bay Arcade, which offers a diverse range of lifestyle amenities and services, reported stable occupancy and revenue. We have undertaken a strategic review of the arcade with some renovation in order to offer unique and enhanced facilities to guests. Ahead of this revamp, The Repulse Bay introduced a refreshed brand identity in May 2024, including a new logo and revamped website inspired by certain elements of The Peninsula brand identity.

The Peak Tower reported strong performance in 2024. Revenue and occupancy at The Peak Tower improved and we are exploring a variety of new dining and retail options to enhance the Peak Tower's appeal as a destination. We continued to implement a variety of promotions and business strategies to entice more visitors to the Peak. Visitors to Sky Terrace 428 improved significantly compared to the previous year, due to successful sales of "combo" tickets with the Peak Tram. In December, we unveiled the "It's Different Up Here" campaign which ran until February 2025. It included an entertaining display called "101 Peak Street" at The Peak Tower, comprising a series of "Hong Kong Stories and flavours" for visitors to enjoy local delicacies.

St John's Building is located above the lower terminus of the Peak Tram and offers an excellent location for office space. The office market remained weak in Hong Kong during 2024 and this was reflected in the lower revenue and occupancy.

The Landmark, a 16-storey residential and office property, is located on a prime riverfront site in the central business district of Ho Chi Minh City, Vietnam. Business performance was softer in 2024 compared to the previous year. Revenue and occupancy for the offices declined slightly compared to the same period last year and residential revenue and occupancy also declined. Together with our partners, we are evaluating the future of the property when the lease expires in 2026.

21 avenue Kléber offers a prime location immediately adjacent to The Peninsula Paris on Avenue Kléber, just steps from the Arc de Triomphe. The office and retail spaces are currently fully occupied. Rental revenue improved compared to the previous year.

Peak Tram, Retail and Others

	Revenue	Variance
	HK$m	HK$	Local Currency
The Peak Tram	312	+41%	+41%
The Quail	236	+4%	+4%
Peninsula Clubs & Consultancy Services	5	+7%	+7%
Peninsula Merchandising	353	+12%	+12%
Tai Pan Laundry	63	+7%	+7%

The Peak Tram a funicular railway, is one of Hong Kong's most popular tourist attractions and has been in operation since 1888. Following the major upgrade project that was completed in 2022, business has been very strong. In 2024, patronage returned to pre-pandemic levels, with the Peak Tram operating at full capacity on certain days, and revenue increased by more than 40% year-on-year. We have adjusted our ticketing strategy and pricing to standardise fares on all days, to allow for a steady flow of visitors and to try to manage the traffic. Since the renovation, more visitors are able to queue inside a sheltered area and enjoy a variety of audiovisual entertainment features.

The Quail reported moderate revenue growth year over year, with the majority of improvement coming from the property’s signature event held in August, The Quail Motorsports Gathering which saw record results and is considered one of the world's leading concours events. The outlook for 2025 is positive, and the future business pipeline is strong. A fourth quarter shift towards balancing average rates with improved occupancy and RevPAR trends, and we experienced revenue growth in the restaurant outlets. Efforts to strengthen local relationships through improved experiences are underway, centred around the core community of The Quail golf club members and local residents.

We hosted The Quail Motorcycle Gathering in May, and we celebrated the 20th anniversary of The Quail, A Motorsports Gathering in August 2023. This has become one of the world’s leading concours events for motoring aficionados, with the highest sponsorship revenue achieved since the event started in 2003. The “Peninsula Classics Best of the Best Award” was held at Quail in August 2023.

Peninsula Clubs & Consultancy Services (PCCS) manages The Hong Kong Club, Hong Kong Bankers Club and The Refinery. PCCS reported a slight improvement in revenue compared to the same period last year, mainly due to the increase in management fees received for all three clubs (The Hong Kong Club, Hong Kong Bankers Club and The Refinery) as we saw business recovery in 2023.manages The Hong Kong Club, Hong Kong Bankers Club and The Refinery. PCCS reported an improvement in revenue compared to the same period last year.

Revenue at Peninsula Merchandising increased compared to the previous year, although our business was affected by a softer retail market in Hong Kong and mainland China. We reported continued growth in our boutique stores in Japan as well as our online businesses, and we have strategically changed our ecommerce provider in mainland China to drive online traffic. This division is renowned for its signature Mooncakes and our mid-Autumn sales were satisfactory. Business is progressing well, with expansion in several markets including the mainland China. We are directly operating retail boutiques and online sales channels, as well as seasonal pop ups. In Hong Kong, we organised new pop-ups for key seasonal gifting seasons, including one in the luxury department store Lane Crawford during Chinese New Year 2024. Although revenue increased, there is still some work to be done on improving profitability and reducing costs and we are working on strategies to achieve this.

We are preparing to launch new categories of products including “lifestyle” to develop a broader range of luxury gifting. We are also expanding the range across core categories such as chocolate, tea and delicacies, in order to introduce our brand in new markets.

We are planning for a refurbishment of The Peninsula Boutique at Hong Kong International Airport to be completed within the second quarter of 2025.

Tai Pan Laundry revenue increased compared to the same period last year, driven by improved business from hotels, clubs and gyms and diversified business services.