NewHK's Miramar Hotel expects sales to drop 10pc on drop in tourist arrivals

Miramar Hotel and Investment, controlled by Lee Shau-kee, expects sales to fall 10 per cent as the number of tourists declines.

"We have seen a slight drop in occupancy and room rates at our hotels," chairman Martin Lee Ka-shing said after the company's annual general meeting on Wednesday. Martin Lee is the younger son of Lee Shau-kee.

The downward pressure on the company's hotel business would be limited to 10 per cent, Martin Lee said, adding that it was not a significant drop.

The group operates luxury hotel Mira Hong Kong in Tsim Sha Tsui, where it also holds a retail portfolio of 500,000 square feet, and a bouquet hotel, Mira Moon, in Causeway Bay.

The lacklustre performance continues a difficult spell for the tourist industry, which has seen visitors stay away amid last year's Occupy Central protests, Beijing's crackdown on corruption and the mainland's slowing economic growth.

The Hong Kong Tourism Board says the number of overnight tourist arrivals dropped 3.6 per cent to 8.65 million in the first four months of this year. The number of mainland tourists staying overnight fell 6.7 per cent month on month to 1.37 million in April.