HONG KONG -- The already harsh competition in Hong Kong's luxury hotel market is set to intensify with the return of the Regent Hotel and the entry of Rosewood Hotel. But The Hong Kong Shanghai Hotels, owner and operator of the territory's historic landmark The Peninsula Hong Kong, is unfazed by the incoming contenders.
"The city is better off with more high-end hotels rather than less," Clement Kwok King-man, chief executive of The Hong Kong Shanghai Hotels, told reporters at the group's financial results press conference on Friday. "You can see this [competition] will lift up the whole area of Tsim Sha Tsui to become a very desirable destination for high end visitors."
