Search
The Caterer

M&C doubles third-quarter profits

29 November 2004 by
M&C doubles third-quarter profits

Millennium & Copthorne's bullish third-quarter trading gave the hotel industry another boost last week.

The figures, which were announced on Friday (5 November), showed the hotel group, which owns most of its hotels, had doubled its third-quarter pre-tax profits from £6.6m to £13.3m. The group's 88-strong portfolio of four- and five-star properties achieved an occupancy rate of 75.1% for the three months to 30 September, up from 68.7% on the year.

Revenue per available room (revpar) rose by 11.55% to £43.20 for the quarter, compared with the same period in 2003, with 9% growth in October.

M&C's exposure to the New York, Singapore and London markets meant its trading suffered after 11 September and the Sars epidemic, but it has bounced back since.

Simon Allison, M&C's president of Europe, said it would "opportunistically look to sell properties", having recently offloaded the Plaza hotel in New York.

Allison added that the company was pitching for management contracts in Edinburgh, Leeds and Bristol in the UK and Prague, Barcelona and Frankfurt on the Continent.

"We would put out capital for the right property, but ideally we would prefer management contracts," he said.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.