Millennium & Copthorne profits up 50 per cent
Millennium & Copthorne Hotels saw 2011 pre-tax profits rise by more than 50% to £193.3 million on a back of a “robust” performance.
Group revenue per available room (RevPAR) increased by 5.5% with London hotels up by 8.8% and Singapore and New York both increasing by 6.1%.
Hotels revenue was up by 4.3% to £765.2? million.
Chairman Kwek Leng Beng said one of the year’s highlights was seizing a “rare opportunity” to secure prime location land in Ginza, Tokyo.
“The group performed well in 2011, with a robust performance from hotel operations and gains from asset management activities,” he said.
“In 2012, the group will deploy its balance sheet to continue its investment programme in key gateway cities, enhancing both our brands and the yield on our assets."
he added: “The economic outlook continues to be uncertain. However the global distribution of our business and the strength of our management provide a stable base from which we can respond quickly to economic conditions.
“We are focused on increasing sales whilst maintaining strict control of costs.
“We expect the group’s debt level to increase over time as we continue to invest in our properties and take advantage of other opportunities as