Millennium & Copthorne's Asian hotels show signs of recovery

UK-based Millennium & Copthorne Hotels reported lower first quarter revenue and profit as the strength of the pound reduced its overseas earnings, but revenue was up at constant exchange rates as overall occupancy and room rates rose, helped by a recovery in its Asian hotels.

The hotel operator also said the growth in revenue per available room accelerated in the first four weeks of the second quarter, as it continued to see an improvement in its Asian hotels.

The reduced strength of the British pound lowers overseas earnings when they are translated back to sterling. Millennium & Copthorne's pretax profit fell to USD $33.9 million in the three months to end-March, from USD $40.2 million a year earlier, as revenue declined 0.3 percent to USD $296.2 million. RevPAR room fell 3.2 percent.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


However, at constant currencies, revenue was up 5.9 percent and revenue per available room was up 2.5 percent, driven by the company's London and European hotel revenues.

Suggested Articles

Lodging owners who have the appropriate resources and capital have an opportunity to renovate at an accelerated rate and at more competitive prices.

The £18.4 million fine stems from a data breach discovered after the company purchased Starwood Hotels & Resorts Worldwide.

The company's revenues declined from $560 million in the third quarter of 2019 to $337 million in the third quarter of 2020.