FIRST HOTEL Business Summary

First Hotel Company Ltd. (2706.TW) operates a dual-engine business model centered on tourism services and commercial real estate leasing. The company generates the majority of its revenue through its Leasing segment, which manages high-value commercial properties and shopping malls in prime Taipei districts, including the Nanjing West Road corridor. Its Tourism segment operates the flagship First Hotel in Taipei, providing accommodation, catering, and event hosting for a diverse international clientele from Asia, North America, and Europe. In the competitive landscape of Taiwan’s hospitality sector, First Hotel competes directly with major players such as Formosa International Hotels Corp (2707.TW), Ambassador Hotel Ltd (2704.TW), and Hotel Holiday Garden (2702.TW). The company distinguishes itself as a conservative, asset-heavy "landlord-hotelier," maintaining high net margins through stable rental income that offsets the cyclicality of the tourism industry. The company was reorganized in 1968 under the leadership of the Hsu family, spearheaded by the late patriarch Henry Hsu (Hsu Wan-chuan), a prominent Taiwanese businessman and former Olympian. As of March 2026, the executive leadership is led by Chairman An-Sheng Ku, who has presided over the board since 2010, and General Manager Hsiao-Hua Hsu, who oversees day-to-day operations and strategic expansion. The leadership team is characterized by deep institutional knowledge and a long-standing cross-shareholding relationship with Wan Hwa Enterprise (2701.TW). Notable board members and major shareholders include representative director Yu-Wen Liang and institutional investors such as Today Co., Ltd., Sheng Wei Investment, and LGT Capital Partners, reflecting a stable governance structure focused on long-term capital preservation and dividend consistency.