Millennium & Copthorne posted poor Q3 15 results, due to adverse trading conditions in Asian hotels, in Singapore in particular. Group revenue slipped by 2.8%, due to weak RevPAR (-0.1% in Q3, -1.4% at constant FX) while Singapore (-6.6%) and Rest of Asia (-11.7%) combined recorded a 9.6% drop in RevPAR. The group also experienced falls in RevPAR in London (-0.2%) and New York (-2.6%), mainly attributable to room closures linked to refurbishment at Millennium Bailey’s Hotel and ONE
05 Jan 2016
Pressures from Asia to continue…
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Pressures from Asia to continue…
Millennium & Copthorne Hotels New Zealand Limited (MCK:NZE) | 0 0 0.3% | Mkt Cap: 310.1m
- Published:
05 Jan 2016 -
Author:
Bérénice Lacroix -
Pages:
2
Millennium & Copthorne posted poor Q3 15 results, due to adverse trading conditions in Asian hotels, in Singapore in particular. Group revenue slipped by 2.8%, due to weak RevPAR (-0.1% in Q3, -1.4% at constant FX) while Singapore (-6.6%) and Rest of Asia (-11.7%) combined recorded a 9.6% drop in RevPAR. The group also experienced falls in RevPAR in London (-0.2%) and New York (-2.6%), mainly attributable to room closures linked to refurbishment at Millennium Bailey’s Hotel and ONE