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Positive start for Millennium & Copthorne hotels

06 May 2005
Positive start for Millennium & Copthorne hotels

Luxury hotel operator Millennium & Copthorne has started its financial year on a positive note, with revenue per available room (revpar), group occupancy and room rate all increasing.

Group revpar at the hotel company increased 4.4% quarter-on-quarter to £40.88, group occupancy to 70.2% (2004: 68.7%) and average room rate to £58.23 (2004: £56.97) in the three months to 31 March 2005.

Company chairman Kwek Leng Beng said the improvements represented steady progress across the business and recovery at its New York hotels.

Group turnover increased to £129.5m (2004: £127m) and pre-tax profit was £7.5m (2004: £4m).

Eight new management contracts were signed across three continents, including hotels in Bangkok and Egypt.

In March the company settled its insurance claim for the Millennium Hilton in New York, which was destroyed in the 11 September terrorist attacks, receiving £12.8m.

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