60 MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS and beverage businesses were also soft. The performance of hotels in the Chinese Mainland remained relatively stable, while the operating results of the managed hotel in the U.S.A. was strong. The managed hotels (including restaurants and hotel management office) recorded an operating profit before depreciation of HK$17 million in 2024, compared with HK$88 million in 2023. The Upper House At The Upper House, a 117-room luxury hotel at Pacific Place in Hong Kong, revenue per available room was stable, while the food and beverage business remained soft. In 2024, the hotel was ranked number five in The World’s 50 Best Hotels. It also received awards from Condé Nast Traveler, Travel and Leisure Asia, and World Spa Awards. EAST Hong Kong At EAST Hong Kong, a 331-room hotel in Taikoo Shing, revenue per available room was stable, while the food and beverage business was soft. EAST HONG KONG H O N G KO N G Hotels Managed Hotels and Restaurants 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 is under redevelopment for retail use. 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. There are confirmed plans to open five new hotels, including in Tokyo in Japan, and Beijing, Shenzhen, Shanghai and Xi’an in the Chinese Mainland. The Group also has interests in non-managed hotels in Hong Kong, Guangzhou, Shanghai, and Miami. The managed hotels in Hong Kong experienced challenges due to a slower than expected recovery of visitors. Food