Annual Report 2021

Hotels and Serviced Apartments Business As the pandemic situation continued for more than two years, the hotel sector across the globe was hit to an extent never seen before. With the strictest quarantine measures and cross- border restrictions in place in Hong Kong, the number of visits to Hong Kong slumped by 97.4% to 0.09 million (2020: 3.57 million), while overnight visits fell by 93.4% to 0.09 million (2020: 1.36 million). Despite all sorts of limitations, the Group continued to actively explore the local market demand and launched themed staycation packages one after another, including an Australian-themed experience “Wanderful Australia” in collaboration with the Australian government, and the partnered Christmas campaign “The Aurora Of Festive MIRAcles” with the Finnish Tourist Board and Finnair. The aforesaid promotional efforts successfully improved the occupancy rate of The Mira Hong Kong Hotel. Meanwhile, against the background of immense demand for quarantine hotels, the Group’s Mira Moon Hotel continued to be commissioned as a designated quarantine hotel by the government, with an average occupancy rate of more than 70%. The Group made agile adjustments to its strategies, which led to a rapid revenue growth of more than 40% in the hotel and serviced apartments business, and its EBITDA reversed from loss to profit. Faced with the onslaught of the pandemic’s fifth wave, the Group continued to strengthen cost control in adequate and enduring preparation for an uncertain future. 011 Miramar Hotel and Investment Company, Limited Annual Report 2021 Management Discussion and Analysis