Kuala Lumpur—Shangri-La Hotels Bhd, a unit of one of the region's largest luxury hotel operators, said it expects a rebound in occupancy rates by the end of the year as it lures new customers from the Middle East and China - Malaysia - Brief Article - Statistical Data Included

Business Asia, June, 2002

KUALA LUMPUR -- Shangri-La Hotels (Malaysia) Bhd, a unit of one of the region's largest luxury hotel operators, said it expects a rebound in occupancy rates by the end of the year as it lures new customers from the Middle East and China. "We hope to see an improvement in occupancy rates and slight increase in our performance toward the end of the year," managing director Kay Kuok Oon Kwong said.

Shangri-La had a drop in customers from the US and the UK after the 11 September terrorist attacks, forcing it to slip to a loss of 21.8 million ringgit ($10.2 million) in 2001. Occupancy rates for its Kuala Lumpur hotel had fallen to 59 per cent last year from 70 per cent in 2000. It plans to fill that gap by tapping on the resources of its member hotels overseas. Three new Shangri-La hotels are expected to open in the Middle East this year. a