Hotel chain, Millennium & Copthorne has announced that for the nine months ended 30 September 2014, group revenue increased by 1.9% year-on-year to £596.5m (2013: £585.5m). Operating profit decreased by 1.5% to £114.2m (2013: £115.9m).
In the third quarter, revenue increased by 6.2% to £215.9m (2013: £203.3m). Operating profit for the quarter increased by 12.2% to £49.5m (2013: £44.1m).
Group performance improved in the third quarter for a number of reasons, including contributions from the two previously announced hotel acquisitions completed in the first half of 2014 and stronger performance from recently refurbished hotels.
Group RevPAR increased by 0.6% to £69.83 (2013: £69.42) for the nine months. Average room rate decreased by 1.7% to £94.15 (2013: £95.77) and occupancy increased by 1.7 percentage points to 74.2% (2013: 72.5%).
In the third quarter, RevPAR increased by 5.5% to £77.71 (2013: £73.68). This was driven by a 3.0% increase in average room rate to £99.26 (2013: £96.35) and a 1.8% increase in occupancy to 78.3% (2013: 76.5%).
More than three quarters of the Group’s revenues come from outside of the UK.