Langham Hospitality Investments (HK:1270) has released an update.
Langham Hospitality Investments reports a 7.2% increase in hotel portfolio revenue for the first half of 2024, but a significant drop in distributable income by 75.1% and profit attributable to holders by 95.4%. The surge in tourism with visitor arrivals up 64% has not fully offset the costs, resulting in a moderate overall performance with challenges including a shift in traveler demographics and local preferences. Additionally, an adjustment in profit-sharing percentage led to a 26.9% year-on-year decrease in variable rental income for the Trust Group.
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