Hongkong & Shanghai Hotels, the parent company of Peninsula Hotels, will renovate the 287-room Peninsula Hong Kong and the 299-room Peninsula Tokyo. The company recently confirmed the capital-expenditure projects as part of its half-year earnings results. The estimated combined budget for both projects is HK$2.1 billion, or $268 million.
The renovation announcement follows a return to profitability for Hongkong & Shanghai Hotels. The company posted a HK$23 million surplus for the first half of 2026, reversing a HK$289 million loss in the same period in 2025.
Renovation Scope and Budget
Hongkong & Shanghai Hotels said its board approved renovation projects for both properties. The company said the projects “reflect our confidence in the long-term value of our owned portfolio and our responsibility to ensure that our hotels remain relevant, distinctive, and competitive for future generations.”
The Peninsula Hong Kong is the brand’s flagship hotel. It first opened in 1928 and was last renovated in 2013. The Peninsula Tokyo was built in 2007.
Financial Performance
Hongkong & Shanghai Hotels reported first-half revenue of HK$3.53 billion, an 8% increase year over year. Earnings before interest, taxes, distribution, and amortization reached HK$772 million, up 20% from the prior year.
Company executives attributed the results to stronger hotel performance in Greater China and the U.S., along with the continued ramp-up of newer European properties. Executives also cited disciplined pricing and cost control as factors in the improved results.
Hongkong & Shanghai Hotels CEO Benjamin Vuchot said the results reflected a strengthening of the “fundamentals of our existing hotel portfolio across brand, service, and revenue management, while embracing operational excellence in all our properties.” Vuchot added, “We are preparing the group for its next phase through disciplined capital allocation, selective reinvestment in our core assets, and partnership-led opportunities.”
Peninsula Hotels Global Portfolio
Beyond the Hong Kong and Tokyo properties, Peninsula Hotels operates 10 additional hotels worldwide. Three are located in Europe, in Istanbul, London, and Paris.
Three properties are in the U.S., located in Beverly Hills, California; Chicago; and New York City. Four additional hotels are in Asia, located in Bangkok, Beijing, Manila, and Shanghai.
