Annual Report 2019

Hotels and Serviced Apartments Business Our hotels and serviced apartments business recorded total revenue of HK$560 million, a decrease of 21.2% during the year under review. EBITDA (earnings before interest, taxes, depreciation and amortization) dropped by 34.5% to HK$174 million. CRAFTING UNRIVALLED EXPERIENCE Management Discussion and Analysis Miramar Hotel and Investment Company, Limited Annual Report 2019 009