FIH Regent Group (FIH, 晶華國際酒店集團), which runs the Formosa Regent Taipei (晶華酒店), expects food and beverage revenue to stay flat this year from last year due to an economic slowdown and a NT$100 million (US$3.08 million) renovation of a popular buffet restaurant, senior executives said yesterday.
The five-star hotel on Taipei’s Zhongshan E Road houses eight restaurants and a dozen banquet facilities to meet the needs of wedding receptions and other functions.
“We expect food and beverage revenue this year to be about the same as last year’s figure of NT$2.3 billion” having spent two months renovating the buffet restaurant, FIH food and beverage general manager Simon Wu (吳偉正) told a media briefing.
Photo: CNA
FIH, the nation’s top hospitality service provider, last year saw a 6 percent increase in food and beverage sales, and aims to achieve a 10 percent growth next year, with the addition of independent steakhouse Just Grill and an upcoming beef noodle restaurant in the city’s Xinyi District (信義) next month, Wu said during an event to commence the reopening of its buffet restaurant “Brasserie.”
Dubbed Taipei’s hottest all-you-can-eat restaurant, Brasserie generates about NT$370 million in revenue per year and is seeking to raise that total to NT$400 million next year, following cuisine refinements and a modest price increase, Wu said.
Brasserie is on the first floor of the hotel and can seat 318 diners.
The restaurant now charges an extra NT$100 for dinner, totaling NT$1,190 per head on weekdays, and NT$1,290 per head on weekends and holidays. Breakfast remains unchanged at NT$690 per head seven days a week.
The adjustments translate into a price increase of between 8.4 percent and 9 percent respectively for dinner, but prices remain competitive in light of rivals in Xinyi charging NT$1,500 per head.
“Brasserie intends to maintain its leading position with offers on signature dishes at all Regent restaurants, such as spicy tofu from Silks House (晶華軒), Thai style seafood salad from Spice Market (泰市場), roast beef from Just Grill and more,” Wu said.
An economic slowdown has weakened dining interest, but FIH is seeking to offset the impact with a series of promotional campaigns, Wu said.
FIH chairman Steven Pan (潘思亮) said the economy remains healthy, but a lack of confidence on the part of the government, companies and consumers contribute to a slowdown.
Pan called for increased liberalization in education policies and deregulation on imports of foreign professionals.
Hospitality staff in Singapore, the Philippines and other major cities across Asia possess English proficiency, Pan said.
FIH posted NT$503.45 million in revenue last month, down 6.35 percent from the same period last year, attributable to the cost of Brasserie’s renovation, the company said in a filing with the stock exchange.
Cumulative earnings totaled NT$4.92 billion for the first nine months, a 7.5 percent increase from a year earlier, the filing showed.
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