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Millennium & Copthorne sees rise in growth of revPAR

The bid target said the refurbishment at the Mayfair hotel and Orchard Hotel Singapore negatively affected the group's performance in the first half of 2019

Hotel
RevPAR, revPAR, stick it up your jumper

The year-on-year growth in revenue per available room (RevPAR) accelerated in the second quarter at hotels group Millennium & Copthorne Hotels PLC (LON:MLC).

RevPAR in the second quarter was £85.55, up 1.1% in constant currency terms from £82.01 in the corresponding quarter of 2018. RevPAR for the first six months of the current year rose 0.2% in constant currency (CC) to £77.82 from £75.29 the year before.

Despite the increase in revPAR, the group’s second-quarter revenue eased 3.7% (CC basis) to £257mln from £260mln a year earlier.

For the first 21 days of July 2019, like-for-like group revPAR increased by 1.6% year-on-year.

Profit before tax in the quarter tumbled 12.5% (CC basis) to £35mln from £39mln in the second quarter of 2018.

Quick facts: Millennium & Copthorne

Price: 687 GBX

LSE:MLC
Market: LSE
Market Cap: £2.23 billion
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