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UK profits fall at M&C
London-based hotel group Millennium & Copthorne (M&C) has announced that operating profits at its London hotels dipped slightly as the early Easter saw an increase in leisure visitors and lower number of higher rate paying business visitors.
Reporting its first quarter results, the group said occupancy levels at its London estate was 7.8 per cent ahead of last year, but that average room rate had fallen.
Kwek Leng Beng, chair, said: ”As a result of the occupancy improvement and positioning of Easter – which contained lower rated leisure business – the room rate fell to £1.28 behind last year’s rate of £75.79.”
As a consequence, M&C saw its operating profits for the London estate fall slightly from £5.2m to £5.1m.
M&C is the FTSE 250-listed hotel arm of Singapore-based Hong Leon Group and operates 88 hotels in 16 countries.
In London, the group operates six hotels, iuncluding the Millennium Bailey’s in Kensington and the Millennium Hotel London in Mayfair.
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