Review of Operations Hotels Overview The Group owns and manages (through Swire Hotels) hotels in Hong Kong, the Chinese Mainland and the U.S.A. The House Collective, comprising The Upper House in Hong Kong, The Temple House in Chengdu and The Middle House in Shanghai, is a group of small and distinctive luxury hotels. The Opposite House in Beijing was closed in June 2024 and will be redeveloped for retail use. There are confirmed plans to open three new hotels under The House Collective in Tokyo, Shenzhen and Xi’an. There are EAST hotels in Hong Kong, Beijing and Miami. EAST Miami ceased to be owned by the Group since October 2021 but is managed by the Group under a third-party hotel management agreement. The Group also has interests in non-managed hotels in Hong Kong, Guangzhou, Shanghai and Miami. The managed hotels in Hong Kong faced challenges, reflecting slower than anticipated speed of recovery of visitors. Food and beverage businesses were also soft. Chinese Mainland hotels were stable while the operating performance of the managed hotel in the U.S.A. improved. The managed hotels (including restaurants and hotel management office) recorded an operating profit before depreciation of HK$25 million in the first half of 2024, compared with an operating profit before depreciation of HK$59 million in the first half of 2023. Hotel Portfolio (managed by Swire Hotels) No. of Rooms Attributable (100% Basis) Interest Completed Hong Kong – The Upper House 117 100% – EAST Hong Kong 331 100% (1) – Headland Hotel 501 0% Chinese Mainland (2) – The Opposite House n.a. n.a. – EAST Beijing 365 50% (3) – The Temple House 142 100% (3) – The Middle House 213 50% U.S.A. (4) – EAST Miami 352 0% Total 2,021 (1) Headland Hotel is owned by Airline Property Limited, a wholly-owned subsidiary of Cathay Pacific Airways Limited. (2) The Opposite House was closed in June 2024 and will be redeveloped for retail use. (3) Comprising one hotel tower and one serviced apartment tower. (4) EAST Miami (including serviced apartments in the hotel tower) is owned by a third party. 42 Swire Properties Limited Interim Report 2024