London growth for Millennium & Copthorne despite slower European performance
Hotel group Millennium & Copthorne enjoyed a 5.2% increase in revenue per available room (revpar) in London during the first nine months of 2017, despite a fall of 0.2% for the rest of Europe over the same period.
The company announced a 4% increase in hotel revenue over the first nine months of the year on a constant currency basis across the entire group.
In reported currency, group revenue increased by 12.5% to £748m (2016: £665m) reflecting a foreign currency exchange gain of £51m. Pre-tax profit on a constant currency basis was up 8.3% to £109m.
Millennium & Copthorne operates 21 hotels in the UK, including seven in London. Preliminary work on the refurbishment of the Millennium Hotel London Mayfair is planned to begin before the end of this year. Refurbishment of the Millennium Hotel London Knightsbridge is due to start next year.
The group has hotels across the world, including in China, France, Iraq, Malaysia, New Zealand, the United Arab Emirates and the USA.
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