Mayfair hotel closure continues to hit profits for Millennium
The closure of the Millennium Hotel London Mayfair for refurbishment is continuing to hit profits for owner Millennium & Copthorne.
In its financial results for the first half of the year to 30 June 2019, the hotel group reported pre-tax profits were down from £65m to £46m. The property has been closed since July last year, ahead of its relaunch in June as the Biltmore under Hilton's luxury LXR Hotels & Resorts brand, the first in Europe.
Despite this and the impact of a phased closure for the refurbishment of the Orchard Hotel Singapore, hotel revenue across the group saw a slight uptick from £404m in the first half of 2018 to £40m in the first half of 2019.
The group has estimated that the two projects in London and Singapore had a total impact of a reduction in revenue and profit by £7m and £6m respectively.
The period saw revenue per available room reach £77.82, up from £75.29 in the first half of 2018.
Millennium & Copthorne Hotels owns and manages more than 130 hotels across four brands, 20 of which are in the UK, including the Chelsea Harbour hotel and the Bailey's hotel in London, and the Hard Days Night hotel in Liverpool.
