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.
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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