Millennium and Copthorne enjoys healthy first quarter

Hotel group Millennium and Copthorne today attributed a healthy set up first quarter results in 2006 to strong performances in New York and Singapore.

The four- and five-star operator, which has 91 properties worldwide, announced a 16% jump in turnover to £149.9m in the three months to 31 March.

Chairman Kwek Leng Beng said: “The successful first quarter has been achieved by both owning and operating an attractive portfolio of hotels with good exposure to improving markets, particularly in New York and Singapore.”

Like-for-like pre-tax profit rocketed by 64%, from £7m last year to £11.5m.

Last year’s total pre-tax profit, including all operating income, was £19.8m – including a £12.8m insurance payout following the 9/11 terrorist attacks.

Revenue per available room (revpar) in New York rose by 19.3% on the same period in 2005 to £103.42.

Meanwhile in Singapore it shot up by 43.9% thanks to the buoyant market in February – the result of a major aerospace fair.

London was more static, registering a 29p decrease in revpar to £62.24. The fall was attributed to the impact of the 143-bedroom upgrade and revamp of the Millennium Gloucester in Kensington, London.

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By Tom Bill

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