Millennium & Copthorne Hotels announce upbeat Q3 results

Millennium & Copthorne Hotels has released its Q3 results with the company increasing its revenue and profit for the nine months to September 30. 

Reported revenue rose by 6.2% to £215.9m, compared with £203.3m in the same period last year. Operating profit increased by 12.2% to £49.5m.

Revenue per available room (RevPAR) rose by 5.5% in Q3 to £77.71 with occupancy growing to 78.3%, up from 76.5%.

The company says the results was driven mainly by contributions from two recently acquired hotels, improved hotel performance in all regions and higher contributions from recently refurbished hotels.

Kwek Leng Beng, chairman, said: “Our newly acquired hotels contributed to revenue and profit in the third quarter, together with the return of refurbished rooms to inventory and stronger trading in regional US and New Zealand.

“Together, these factors helped to improve performance for the Group as a whole despite challenges and economic uncertainties in some of our key markets and the continuing negative impact on reported currency results of a strong pound sterling.”