Don’t panic, The Peninsula Manila isn’t closing down
It was reported earlier that The Peninsula has been “written off” by its Hong Kong parent company
Sep 25, 2020
We almost had a mini-heart attack when we read that The Peninsula Manila might be the next iconic establishment in the metro that we’d be saying goodbye to.
“The Hong Kong parent of The Peninsula Manila has written off its investment in the local luxury hotel ahead of the 2026 expiry of the property lease with the Ayala Land,” reported The Philippine Star on Sept. 25. It mentioned a report distributed to the hotel’s shareholders last month by its holding company The Hongkong and Shanghai Hotels as the news’ source, noting that a review was conducted “in view of the relatively short remaining lease term” for the hotel and the “severe economic slowdown from the pandemic.”
According to the article, this seems like the five-star luxury hotel is set to face the same fate as the now-demolished Mandarin Oriental. Also opened in 1976 in Makati like The Peninsula Manila, Mandarin Oriental ceased operations in 2014.
However, The Peninsula Manila’s management quickly disproved the publication’s report.
“On Sept. 25, The Philippine Star published an incorrect and completely misleading headline and story claiming that The Hongkong and Shanghai Hotels was “writing off” The Peninsula Manila. The newspaper has misunderstood an accounting term of “writing down” the value of the hotel which was published in our group annual report. We have asked the publication for a correction. HSH remains committed to The Philippines where we have been operating the hotel since 1976 and the group has no intention of “writing off” The Peninsula Manila,” wrote the hotel’s management in an official statement on their website.
While the five-star hotel remains closed due to the pandemic, its café The Peninsula Boutique is currently accepting orders for takeout and delivery daily from 9 a.m. to 5 p.m.
Header photo from The Peninsula Manila’s website
Get more stories like this by subscribing to our weekly newsletter here.
Death in the time of COVID-19
It’s official: Next year’s Black Nazarene procession is canceled
Christmas bazaars are still a possibility this year
Halloween in quarantine? Here are virtual events for your spooky season celebration
Sewage water has tainted El Nido beach’s crystal blue waters black