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Millennium & Copthorne hotels record strong Q1 results

03 May 2007 by
Millennium & Copthorne hotels record strong Q1 results

Strong demand in London and New York helped Millennium & Copthorne hotels off-set a weak performance in the German market in the first three months of 2007.

The global hotel group saw group revenue per available room (revpar) rise 8.5% across its portfolio of 111 hotels.

London showed particularly strong growth with revpar up 15.8% to £72.14 (2006: £62.24).

UK regional revpar rose 8.5% to £53.86 (2006: £49.66) while New York recorded strong growth also with revpar up 11.4% to £102.65 (2006: £92.14).

Overall turnover for the three months ending 31 March increased 9% to £153.1m and M&C's pre-tax profits leapt 60% to £18.4m.

Millennium & Copthorne chairman Kwek Leng Beng said: "Results for the first quarter were in line with expectations, helped by buoyant market conditions, particularly in New York, London and Singapore."

Beng added the second quarter has begun well with group revpar up by 7.6% in the first 4 weeks of April.

Millennium & Copthorne appoints chief executive to focus on driving US growth >>

Millennium & Copthorne names new chief executive >>

Millennium & Copthorne boosts its profits by 36% in 2006 >>

By Christopher Walton

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