On the back of the recovery in global tourism, our hotel operations continued to shine in 2023, outperforming 2022's recovery and surpassing pre-pandemic levels in 2019 across most markets. We continue to focus on driving portfolio growth globally through strategic acquisitions and asset repositionings. In 2023, we acquired three hotel assets in Brisbane, South Korea and Osaka, expanding our footprint in these key gateway cities and adding 1,080 keys to our portfolio. During the year, Grand Copthorne Waterfront hotel completed a $30 million renovation, revamping all 574 rooms and its conference centre. Additionally, The Singapore EDITION hotel soft opened, boasting 204 rooms and marking the first EDITION property in Singapore and Southeast Asia. Through 2023, we also expanded our M Social lifestyle brand with the opening of M Social Suzhou in China and reflagging the former Millennium Resort Patong Phuket as M Social Phuket. We have another three hotels in the pipeline in New York, London and Sunnyvale, California, which will add around 1,100 keys when completed. Enriching Our Hospitality Portfolio M SOCIAL SUZHOU I SUZHOU, CHINA GLOBAL HOSPITALITY PORTFOLIO CONTINUED OUTPERFORMANCE IN GLOBAL OPERATIONS >155 Hotels Room Occupancy 73.3 64.4 73.1 FY 19 FY 22 FY 23 Average Room Rate 188.6 209.0 230.7 FY 19 FY 22 FY 23 Revenue Per Available Room (RevPAR) 138.3 134.6 168.7 FY 19 FY 22 FY 23 GOP Margin 28.3 30.8 34.5 FY 19 FY 22 FY 23 8.7% pts 25.3% 10.4% 3.7% pts (%) (%) ($) ($) ENHANCEMENT
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