Millennium & Copthorne Hotels' first-quarter results for 2010 shows some signs of recovery, but the company said that it is too early to predict trading for the rest of the year.
Overall, revenue per available room (revpar) in Q1 increased across the group’s 105 hotels worldwide by 3.2%, driven by a 3.1% rise in occupancy.
The group also reported a 70% rise in headline pre-tax profit for the first three months of 2010 to £18.7m, with revenue from its hotels rising 1.7% to £158.4m.
Strongest growth came from Singapore where revpar grew by 17.6%.
Revpar decline of 3% and 4.6% fall in occupancy in London’s seven hotels was principally due to the reduction in aircrew business. Airlines has been putting pressure on rates for aircrew accommodation as they seek to reduce their own costs in a difficult economic environment.
Excluding aircrew business, revpar in London overcame the adverse weather conditions in January and grew by 5% due to rate growth in the small to medium enterprises and leisure market and occupancy in the corporate market.
In April, group revpar increased by 10.5%, with New York increasing by 14%, Singapore by 46.7% and London declining by 3.9%.
Chairman of Millennium & Copthorne Hotels, Kwek Leng Beng, said: “We have made a good start to the year with revenue and trading performance in line with management expectations.”
Millennium & Copthorne to open new hotel in Southampton >>
Millennium & Copthorne to manage Wembley Stadium hotel >>
Millennium & Copthorne names new chief executive >>
By Janet Harmer
E-mail your comments to Janet Harmer here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk
Caterersearch.com jobs
Looking for a new job? Find your next hotel job here with Caterersearch.com jobs
| | Newsletters
For the latest hospitality news, sign up for our e-mail newsletters. | | |