Annual Report 2019

Hotels and Serviced Apartments Business The Group’s hotels and serviced apartments business performed steadily with a solid first half of the year but results began to plummet as the social activities started to wreak havocs to visitor arrivals in the second half. Total visitor arrivals in the first half of 2019 grew by 13.9% but nosedived to a drop of 51% in December 2019 while overnight visitor arrivals similarly from a growth 7.7% to a drop of 57.2% during the comparable periods. For the whole year, total overnight visitor arrivals declined by 5.5 million or 18.8%, with those from Mainland China accounting for 3.7 million or 66.7% of it. Occupancy rates of the Group’s hotels were in line with those Tariff A category in the Tsim Sha Tsui area which hovered at over 90% until the latter months of the year when the figures plummeted to about 50-60%, resulting in a year-on-year decrease of 15.0%. Events and catering businesses were also affected as incessant social unrests had caused plenty cancellation of bookings. Dining business continued to form an integral part of our hotels operation and during the year with Cuisine Cuisine and WHISK at The Mira Hong Kong continue to be awarded as Michelin Guide Hong Kong and Macau 2019’s Recommended Restaurants. Miramar Hotel and Investment Company, Limited Annual Report 2019 Management Discussion and Analysis 011