Goldman Sachs reiterated the sales rating of the Grand Hotel (0045.HK), down to HK$9.45, indicating that its basic profit for FY12 fell 5% year-on-year to HK$439 million, in line with the bank's expectations. Although Grand Hotel management indicated that in response to the Hong Kong Peninsula Hotel's renovation project, the bank believes that due to the impact of the relevant projects, its performance growth is still weak. After the project is completed in the second half of the year, there will be significant improvements in 2014.