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Hotel group Millennium & Copthorne see profits fall

HOTELS group Millennium & Copthorne (M&C) saw profits fall last year and said that strong competition had pushed revenue per room down in the first six weeks of 2013.

M&C, which operates more than 100 hotels worldwide including venues in Aberdeen and Glasgow, saw underlying pretax profits for the year fall 15 per cent to £157.7 million.

The group, whose hotel brands include Copthorne, Kingsgate, Grand Millennium and Millennium, said annual growth in global revenue per room – a key hotel industry measure – was up 3.4 per cent.

Chairman Kwek Leng Beng said the firm continued to monitor acquisition opportunities but said that prices were currently “unjustifiably high”.

Earlier this week bigger rival InterContinental Hotel posted an 11 per cent rise in 2012 profits.

 

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