Annual Report 2020

Hotels and Serviced Apartments Business The hotel and serviced apartments business recorded revenue of HK$202 million, down by 63.9% from last year. The earnings before interest, taxes, depreciation and amortization (“EBITDA”) was a loss of HK$5.3 million. EXPERIENCE, EXPLORE, ENGAGE 011 Miramar Hotel and Investment Company, Limited Annual Report 2020 Management Discussion and Analysis