Millennium & Copthorne sees Q1 profits double

Millennium & Copthorne Hotels has seen its profits double to £26m in the first quarter of 2018.

This is despite the fact Q1 hotel revenue decreased by 2.1% to £187m down from £191m attributed to exchange loss arising from the stronger pound totalling £11m. Group RevPAR also fell by 3.1% to £68.48 down from £70.66.

Millennium and Copthorne also said its London performance was affected by the partial closure of the Millennium Hotel London Mayfair during refurbishment, which is normally a significant revenue contributor for the region, together with slower trading at other London hotels.

Chairman Kwek Leng Beng said: “Performance over the first three months of the year was mixed. London declined and Europe is showing indications of weakness, whilst our Millennium Broadway New York hotel continues to hold back overall trading performance in New York.  

“More positively, Asia showed some signs of a recovery and New Zealand continued to perform well. We are on track to move forward on a number of significant capital investment projects this year, designed to improve returns on group assets. We also remain alert to acquisition opportunities.

“Following the close of the first quarter the Group announced the appointment of Jennifer Fox as group chief executive officer. Fox, who will join the group on 19 June 2018, has 30 years of experience in the global hospitality industry and has held senior executive roles in operations, branding and marketing across mid-scale, upscale and luxury segments of the industry.”