The Millennium Hotel London Mayfair has been closed for the rest of the year until the completion of its refurbishment.
The refurbishment started in November 2017 as a phased process, however the hotel was closed entirely at the beginning of July. Millennium & Copthorne Hotels has decided to keep the property closed during the remainder of its refurbishment programme so as to accelerate the works, which are hoped to reposition the hotel within a new luxury competitive set.
The hotel, which had 336 bedrooms prior to the refurbishment, is scheduled to reopen in the first quarter of 2019 with 315 bedrooms.
The impact of the project on group revenue for 2018 is estimated to be approximately £20m, with a consequent impact on hotel operating profit. As a result, group profit for the current financial year is anticipated to be "commensurately lower".
The group also said overall performance at its other London hotels, which include the Bailey's and Chelsea Harbour hotels, for the second quarter of 2018 continues to be weaker than last year due to lower revenue and continuing cost pressures.
Millennium & Copthorne comprises 130 hotels in 17 countries, with a 21-strong UK portfolio including the Hard Days Night Hotel in Liverpool.