Shangri-La Asia announced a net loss of US$158.5 million for FY2022, which is considerably lower than the net loss in FY2021 of US$290.6 million. Nonetheless, net asset value declined by 10.4% y-o-y to US$1.47.
Shangri-La owns or leases 83 hotels, and manages a further 22 hotels, with five hotels under development.
Although travel rebounded in Southeast Asia, and the group's most iconic property is Shangri-La Hotel Singapore, by valuation, more than half of its assets are in China and Hong Kong, with the rest spread across Asia-Pacific. China was closed for much of 2022 because of its zero-Covid policy.
