Peninsula Parent Sees Luxury Hotel Oversupply

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March 18 (Bloomberg) -- The parent company of Peninsula Hotel group says it is managing costs wisely to counter intense competition from what it calls an oversupply of luxury hotels globally. Hong Kong & Shanghai Hotels Monday reported a 6% gain in 2013 sales amid a turbulent environment. Even so, Peninsula launches its first European property later this year in Paris and has just revealed its plans to open in Yangon, Myanmar. CEO Clement Kwok told Zeb Eckert he's focused on strengthening the balance sheet. (Source: Bloomberg)

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