LONDON— Shareholders at Millennium & Copthornes (M&C) recent annual general meeting heard that their companys move to attract leisure business at the expense of the dwindling corporate market had resulted in an increase in occupancy, but a fall in ADR. Over the period from January 1 to May 7, ADR at the companys five hotels in London fell 12.5% to £77.24 (US$112.77), and by 19.2% to £118.84 (US$173.50) at its hotels in New York. Occupancy in London rose 1.5% to 80.3%, and by 12% in New York to 83.5%, performances which the company will build on as it alters the business mix to reap improvements in RevPAR later in the year. M&C has already seen a steady improvement in RevPAR since the start of the year, the company reported, and it is confident that this year will be better than the last. On a separate note, M&C has appointed Lord Thurso as its new deputy chairman. Thurso replaces John Sclater effective immediately. SOURCE: HVS International
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