Hongkong and Shanghai Hotels rises as Hong Kong Q1 occupancy grows

Hongkong and Shanghai Hotels

10/05/2023 07:49

** Shares of Hongkong and Shanghai Hotels Ltd  0045.HK  rise
as much as 2.9% to HK$7.82, on track for the biggest one-day
percentage gain since April 3
    ** Co says its Q1 occupancy rate in Hong Kong was at 39%
compared to 9% in Q1 2022 and 25% in Q4
    ** Co's Q1 occupancy rate in the U.S. and Europe was at 48%
compared to 45% in Q1 2022 and 58% in Q4
    ** Co says its overall financial position remains stable,
has sufficient resources to cover operating cash requirements,
and is "cautiously optimistic" for the second half of 2023
    ** Says it is targeting a soft opening of The Peninsula
London in the second half of 2023, which comprises 190 hotel
rooms and 25 luxury residences
    ** The Hang Seng Commerce & Industry Index  .HSNC  edges up
0.03%, the Hang Seng Composite Index  .HSCI  slips 0.5% and the
Hang Seng Index  .HSI  eases 0.6%
    ** As of last close, the stock had slid 6.4% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))