Guo Jingwen, CEO of Grand Hotel (00045), said that Hong Kong will increase the 3% hotel rent tax on January 1, 2025, and that the Peninsula Hotel's positioning as a luxury hotel will have little impact.
The Zhitong Finance App learned that Guo Jingwen, CEO of Grand Hotel (00045), said that Hong Kong will increase the 3% hotel rent tax on January 1, 2025, and that the positioning of the Peninsula Hotel as a luxury hotel will have little impact. Instead, the most important thing is that Hong Kong remains attractive. As long as it is attractive, there is no problem with or without taxes.
Guo Jingwen said that although Peninsula Hotel's business in Greater China has been recovering since customs clearance, it has not yet returned to pre-pandemic levels, partly due to geopolitical tension affecting the flow of international travelers. At present, long-distance visitors to Hong Kong are still far from before the pandemic. The main reason is the absence of European and American travelers. Their impression of Hong Kong is still negative. However, the Group invited American tour groups to Hong Kong with other hotel brands and received a positive response. Long-distance travelers from Europe and the US will gradually return. Currently, it is difficult to say when it will return to pre-pandemic levels.
The Hong Kong government plans to host fireworks and drone shows over Victoria Harbour every month. Asked about help for the hotel industry, Guo Jingwen pointed out that as the Hong Kong government hosts more events, plus events such as Art Basel, he believes it will help attract visitors and further tell the story of Hong Kong.
Furthermore, the London and Istanbul Peninsula Hotels opened in 2023. Tang Jingwen said that when balance of payments can be achieved depends on many factors, but generally speaking, if there are no unusual circumstances, they will stabilize after 3 years of opening.
According to reports, Guo Jingwen will retire at the end of October this year. When asked about his plans after retirement, Guo Jingwen pointed out that he is currently busy with work and doesn't have time to think about him. For example, he needs to pay for London hotels, and also study and optimize the Peak Tower and Shallow Water Bay.