The Peninsula has been through Sars and the Asian financial crisis, but Covid-19 among the toughest challenges Hong Kong’s ‘grand old dame’ and its operator have seen yet
- Unlike previous convulsions, Covid-19 has affected all Peninsula properties globally, Hong Kong and Shanghai Hotels CEO says
- Business in Hong Kong under fifth wave and toughest social distancing curbs yet is ‘very very poor’
Known as the “grand old dame”, The Peninsula Hong Kong has withstood several tumultuous periods throughout its more than 90-year history. But the Covid-19 pandemic is the toughest challenge the iconic hotel and its operator have faced yet, a top executive said.
The impact of Covid-19 on business has been the worst that Clement Kwok, HSH’s managing director and CEO for over 20 years, has seen during his time at the company.
“We had Sars [Severe acute respiratory syndrome] and the Asian financial crisis, but the occupancy rates would not have been so low during the Asian financial crisis. There was a period during Sars that the occupancy period was so low, but it was relatively short, about six months and it was only in Hong Kong and it did not affect all our properties globally,” he said.
“Whereas, Covid-19 has affected all our properties globally. So, in terms of the impact on the company results, this time has been the worst.”
