Hong Kong The performance of the managed and non-managed The Group wholly-owns and manages (through Swire hotels in the Chinese Mainland was stable. Revenue per Hotels) two hotels in Hong Kong, The Upper House, a available room improved steadily in the first half of 2024. 117-room luxury hotel at Pacific Place, and EAST Hong Kong, a 331-room hotel in Taikoo Shing. U.S.A. The Group has a 20% interest in each of the JW Marriott, EAST Miami at the Brickell City Centre development Conrad Hong Kong and Island Shangri-La hotels at Pacific in Miami was sold to a third party in October 2021. Place and a 26.67% interest in each of the Novotel It continues to be managed by Swire Hotels. Citygate and The Silveri Hong Kong – MGallery in The performance of the U.S.A. hotels was mixed. Results Tung Chung. at EAST Miami improved due to higher occupancy while The managed hotels in Hong Kong faced challenges results at the Mandarin Oriental, Miami (a non-managed with slower than expected speed of recovery of visitors. hotel) were weaker than in the first half of 2023, mainly The Hong Kong restaurant and beverage market due to lower room rates. remained soft. Outlook Chinese Mainland Outlook for the hotel businesses in Hong Kong remains Swire Hotels manages three hotels in the Chinese cautiously optimistic, but subject to the speed of Mainland, EAST Beijing, a 365-room hotel at INDIGO in recovery of international tourists and business travellers. Beijing, The Temple House, luxury properties with 100 Hotel businesses in the Chinese Mainland are expected hotel rooms and 42 serviced apartments at Taikoo Li to improve steadily. The U.S.A. hotels are expected to Chengdu, and The Middle House, luxury properties perform stably. consisting of 111 hotel rooms and 102 serviced We are expanding our hotel management business, with apartments at HKRI Taikoo Hui, Shanghai. The Opposite a focus on extending our hotel brands in Asia Pacific House, a 99-room luxury hotel at Taikoo Li Sanlitun, was through hotel management agreements. closed in June 2024 and will be redeveloped for retail use. The Group owns a 100% interest in The Temple House and a 50% interest in each of the EAST Beijing and The Middle House. The Group owns a 97% interest in, but does not manage, the Mandarin Oriental at Taikoo Hui in Guangzhou, which has 263 rooms and 24 serviced apartments. The Group owns a 50% interest in another non-managed hotel, The Sukhothai, at HKRI Taikoo Hui in Shanghai, which has 201 rooms. 43