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Revpar down 4.2% in London for Millennium & Copthorne

30 July 2015 by
Revpar down 4.2% in London for Millennium & Copthorne

Revenue per available room (revpar) in Millennium & Copthorne Hotels in London was down 4.2% during the first half of 2015, bucking the global trend which was up 4% to £68.28.

Meanwhile, the global average room rate increased by 2.7% to £96.91 and occupancy fell by 1.2 percentage points to 70.7%.

Excluding the Chelsea Harbour hotel, London revpar decreased by 3.8%. A lower revpar at Millennium Bailey's hotel London (pictured) was the largest factor in that decline, due to the refurbishment of bedrooms, which is due to be completed by October this year.

Most of the other European hotels outside London posted revpar gains; with Copthorne Hotel Aberdeen the notable exception, where revpar fell due to reduced business from the oil and gas sector.

Kwek Leng Beng, chairman of Millennium & Copthorne Hotels, said: "The group continues to focus on its successful long-term strategy of owning and managing hotel assets. In the short-term, we see continuing pressure in our key hospitality markets with uncertainty in Asian economies, in the Middle East and in the Eurozone affecting business and leisure travel plans."

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