HK$2.1 billion, approximately €231 million
The Hongkong and Shanghai Hotels, Limited (HSH), owner of the luxury Peninsula Hotels group, reports its 2026 half-year results, marked by a return to profitability following a difficult 2025. Profit attributable to shareholders stood at HK$23 million for the first half, compared with a HK$289 million loss a year earlier. Both consolidated revenue and consolidated EBITDA grew 20%, driven primarily by stronger hotel performance in Greater China and the United States, the continued ramp-up of newer European properties, as well as disciplined rate management and rigorous cost control.
Benjamin Vuchot, Managing Director of HSH, highlighted a significant improvement in first-half performance, which he said reflects the resilience of global luxury travel, strengthened demand across key hotel markets, the enduring strength of the Peninsula brand and the commitment of the Group’s staff worldwide. He noted that combined revenue rose 8% year-on-year to HK$3,951 million, before the contribution of the Peninsula London Residences, while combined EBITDA grew 22% to HK$853 million.
The Hotels division was the main driver of the Group’s improvement over the half, with revenue up 10% to HK$3,116 million and EBITDA up 24% to HK$579 million. Greater China posted the strongest performance, with average RevPAR up 29%, driven by higher occupancy, higher average rates and an increase in international guests. The Peninsula Hong Kong continued to demonstrate the value of its heritage, location and loyal clientele, while the Peninsula Shanghai benefited from individual and international guests, and the Peninsula Beijing from diplomatic delegations and MICE groups.
In Europe, average RevPAR rose 11%, driven by the Peninsula London’s growing presence in its market, sustained rate discipline at the Peninsula Paris, and encouraging progress at the Peninsula Istanbul, despite geopolitical uncertainty affecting travel sentiment across the wider Middle East region. In the United States, average RevPAR jumped 16%, driven by resilient domestic demand, higher average rates and strong group and leisure segments. The Peninsula New York continued to benefit from its recent renovation, the Peninsula Beverly Hills posted solid room performance, and the Peninsula Chicago celebrated its 25th anniversary in June 2026. In Asia excluding Greater China, average RevPAR rose more modestly, by 1%, driven by stronger occupancy in Bangkok and Manila, while the Peninsula Tokyo maintained its leading position despite generally weaker demand for Japan.
The Commercial Properties division continued to provide a stable revenue base for the Group, with revenue up 7% to HK$486 million and EBITDA up 13% to HK$262 million. Residential occupancy remained high at 97%, while the retail arcades benefited from improved luxury footfall. The Peak Tram, Retail and Others division posted more modest growth of 2% to HK$349 million, held back by softer footfall at the Peak during the second quarter, notably due to unfavourable weather conditions in June.
On the awards front, the Peninsula Shanghai and the Peninsula Chicago were jointly ranked number one in La Liste’s 2026 World’s Best Hotels ranking, while the Peninsula Paris featured in the same ranking’s Top 100. The Group also established a board-level sustainability committee in May, strengthening governance around climate and sustainability issues.
Looking ahead, HSH enters the second half of the year with strengthened operational momentum, while remaining watchful of geopolitical uncertainty, currency volatility and cautious luxury retail spending. The Board of Directors has approved renovation projects for the Peninsula Hong Kong and the Peninsula Tokyo, with an estimated budget of HK$2.1 billion, investments the Group presents as reflecting its confidence in the long-term value of its wholly owned portfolio. This year also marks several symbolic milestones for the Group, with HSH’s 160th anniversary, the Peninsula Manila’s 50th anniversary, the Peninsula Beverly Hills’ 35th anniversary and the Peninsula Chicago’s 25th anniversary.
===AT_A_GLANCE===
At a Glance
The Hongkong and Shanghai Hotels — H1 2026 Results – Profit attributable to shareholders: HK$23M (vs. HK$289M loss in H1 2025) – Combined revenue: HK$3,951M (+8% YoY, before Peninsula London Residences); combined EBITDA: HK$853M (+22%) – Hotels division: revenue HK$3,116M (+10%), EBITDA HK$579M (+24%) – RevPAR growth: Greater China +29%, Europe +11%, USA +16%, Asia ex-Greater China +1% – Commercial Properties: revenue HK$486M (+7%), EBITDA HK$262M (+13%); residential occupancy 97% – Recognition: Peninsula Shanghai & Peninsula Chicago joint #1, La Liste World’s Best Hotels 2026; Peninsula Paris in Top 100 – Renovation investment: HK$2.1 billion approved for the Peninsula Hong Kong and the Peninsula Tokyo – Milestones: HSH’s 160th anniversary; Peninsula Manila’s 50th; Peninsula Beverly Hills’ 35th; Peninsula Chicago’s 25th – Workforce: 7,563 full-time employees as of June 30, 2026
