Hong Kong ( CNN ) -- Asia 's oldest hotel chain has waded into the debate on the slaughter of sharks for their fins by taking the Chinese delicacy off its menus . From January , diners wo n't be offered shark 's fin products at the luxury Peninsula Hotels chain , due to a decision by its owners , the Hongkong and Shanghai Hotels group . `` By removing shark fin from our menus , we hope that our decision can contribute to preserving the marine ecosystem for the world 's future generations , '' the group 's chief executive officer Clement Kwok announced in a brief press statement . Around 73 million sharks are estimated to be killed each year , taking one in three shark species to the brink of extinction . Their fins are hacked off at sea and the carcass discarded in the water in a practice referred to as `` finning . '' Peninsula Hotels can be found in Hong Kong , Shanghai , Beijing , Chicago , Beverley Hills , Tokyo , Bangkok and Manila . One is due to open in Paris in 2013 . Shark 's fin is only offered in its Asian restaurants , mostly on banquet menus for weddings and large business meetings . The group says its decision is not based on consultation with guests , but since last April the chain has been offering banquet clients an alternative menu , substituting shark 's fin soup with another fish soup . The uptake has been `` quite good , '' according to group spokeswoman Irene Lau . However , she could n't say whether the guests ' decision was motivated by a desire to save the shark , or by the hotel 's offer of one night 's free accommodation if they took the second option . `` I think it 's actually both , '' she said . Shark 's fin is a popular dish among Chinese diners who appreciate its texture , if not its flavor , in soup . Once a delicacy favored by emperors , shark fin is often eaten at weddings to mark the importance of the occasion and impress the couple 's extended families and friends . However , Lau says the hotel group has noticed a generational split between diners who want the specialty seafood and those prepared to do without . `` What we 've found is that in recent years the younger generation , the couples who are getting married would prefer to steer away from shark 's fin . But for their parents or in-laws would prefer to have the shark fin , '' Lau says . Hong Kong is a major hub for the global shark fin trade , handling at least 50 % of the total haul , according to the International Union for Conservation of Nature 's Shark Specialist Group . Crusted , pointy fins can be seen in the windows of stores in the city 's dried food sector . Most come from Europe , Taiwan , Indonesia , Singapore , the United Arab Emirates , USA , Yemen , India , Japan and Mexico . Last year , World Wildlife Fund launched a campaign -- Alternative Shark-Free Menu -- to persuade Hong Kong restaurants and caterers to offer alternatives to shark 's fin on their banquet menus . `` At first it was very difficult . They almost kicked us out when we went to meet them to explain the program , '' says Silvy Pun from the WWF . Just one year later , 97 caterers and hotels have signed up , with some going further and limiting their menus to sustainable seafood . Pun says the program 's success , and the Peninsula 's ban , indicates that a `` tipping point '' is being reached in the campaign against shark fin products . `` I 'm quite confident that more and more restaurants will follow their lead . I 'm quite optimistic because if such a prestige hotel chain can satisfy their consumers , I 'm pretty sure that they see that the market is changing , '' Pun says .
Luxury hotel chain bans shark 's find products . Peninsula Hotels to impose ban from January . 73 million sharks are slaughtered each year for their fins . One in three shark species threatened with extinction .