Global hotel group, Millennium & Copthorne Hotels plc has posted its first quarter results to 31 March 2017.
In constant currency, Group RevPAR grew by 4.6% with increases in both occupancy and average room rate of 2.9% points and 0.3% respectively. In reported currency, Group RevPAR increased by 17.7%.
London RevPAR showed growth of 14.5%, which reflected the lower pound boosting tourist numbers and a weak comparative quarter in the previous year.
Profit before tax fell by £5m or 27.8% for the period. Excluding foreign exchange losses arising at CDL Hospitality Trusts, Group pre-tax profit for the period was £17m (Q1 2016: £18m).
Chairman Kwek Leng Beng commented, 'Group revenue improved during the first three months of 2017, particularly in London and New Zealand.
'Singapore RevPAR continues to be under pressure as a result of increased room supply and uncertain economic conditions. Performance in Rest of Asia was negatively affected by geo-political tensions impacting inbound tourism into Seoul and Taipei. Poor performance in the US region especially New York, remains a concern.
'We are addressing the issues contributing to the under-performance in this region and our immediate focus is on the US management structure, which is currently under review.'