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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Millennium & Copthorne Hotels Plc | LSE:MLC | London | Ordinary Share | GB0005622542 | ORD 30P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 687.00 | 685.00 | 689.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMLC
RNS Number : 2612E
Millennium & Copthorne Hotels PLC
05 May 2017
For Immediate Release 5 May 2017
MILLENNIUM & COPTHORNE HOTELS plc
TRADING UPDATE
First quarter results to 31 March 2017
Highlights for 1(st) quarter 2017:
Hot Features
Premium
Reported Currency Constant Currency
----------------- ------------ -------------------------------------- -----------------------------------
Q1 Q1 Change Q1 Change
2017 2016 2016
----------------- ------------ ------------ ------------------------ ----------- ----------------------
RevPAR GBP70.66 GBP60.02 GBP10.64 17.7% GBP67.56 GBP3.10 4.6%
----------------- ------------ ------------ ------------ ---------- ----------- ---------- ----------
Revenue -
total GBP223m GBP192m GBP31m 16.1% GBP218m GBP5m 2.3%
----------------- ------------ ------------ ------------ ---------- ----------- ---------- ----------
Revenue -
hotel GBP191m GBP165m GBP26m 15.8% GBP186m GBP5m 2.7%
----------------- ------------ ------------ ------------ ---------- ----------- ---------- ----------
Profit before
tax GBP13m GBP18m GBP(5)m (27.8)% GBP21m GBP(8)m (38.1)%
----------------- ------------ ------------ ------------ ---------- ----------- ---------- ----------
-- 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 growth of 14.5% reflected the lower pound boosting tourist numbers and a weak comparative quarter in the previous year.
-- New York RevPAR was higher by 7.0%, helped by improved trading at ONE UN New York after the completion of its refurbishment at the end of 2016. Despite improved revenues, the Group's New York hotels made an overall loss in the quarter.
-- Singapore RevPAR was down slightly by 0.9%. Occupancy increased by 4.7% points but average room rate dropped by 6.3%.
-- Profit before tax fell by GBP5m or 27.8% for the period. Excluding foreign exchange losses arising at CDL Hospitality Trusts ("CDLHT"), Group pre-tax profit for the period was GBP17m (Q1 2016: GBP18m).
Mr Kwek Leng Beng, Chairman 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."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0) 2078722444
Tan Kian Seng, Interim Group Chief Executive Officer
Kok-Kee Chong, Chief Financial Officer
Jonathon Grech, Group General Counsel and Company Secretary
Peter Krijgsman, Financial Communications (Media)
FINANCIAL PERFORMANCE
For the three months ended 31 March 2017, Group reported revenue increased by 16.1% to GBP223m (Q1 2016: GBP192m). On a constant currency basis, Group revenue increased by 2.3%.
Reported Currency Constant Currency
----------------- ---------- ---------------------------- ------------------------------
Q1 2016 Change Q1 2016 Change
GBPm GBPm
----------------- ---------- ---------------- ---------- ------------------
Q1 2017 GBPm %
GBPm GBPm %
----------------- ---------- ---------- ------- ------- ---------- ------- ---------
Hotel 191 165 26 15.8 186 5 2.7
----------------- ---------- ---------- ------- ------- ---------- ------- ---------
Property 18 13 5 38.5 16 2 12.5
----------------- ---------- ---------- ------- ------- ---------- ------- ---------
REIT 14 14 - - 16 (2) (12.5)
----------------- ---------- ---------- ------- ------- ---------- ------- ---------
Total Revenue 223 192 31 16.1 218 5 2.3
----------------- ---------- ---------- ------- ------- ---------- ------- ---------
Hotel revenue for Q1 2017 increased by GBP5m or 2.7%, driven by higher contributions from the Group's hotels in London and New Zealand.
Property revenue for the period increased by GBP2m or 12.5%, mainly because of higher contribution from New Zealand land sales.
Profit before tax for the first three months of 2017 fell by 27.8% to GBP13m (Q1 2016: GBP18m). This includes GBP4m of foreign exchange losses arising at CDLHT and recorded as finance cost in the Group income statement.
Hotel operations
RevPAR Occupancy Average Room
Rate
------------------------- ----------------------- -------------------------
Q1 #Q1 Q1 Q1 Q1 #Q1
2017 2016 Change 2017 2016 Change 2017 2016 Change
GBP GBP % % % %pts GBP GBP %
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
New York 111.16 103.89 7.0 72.0 64.1 7.9 154.33 162.03 (4.8)
Regional
US 50.25 49.01 2.5 52.4 51.4 1.0 96.00 95.27 0.8
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total US 70.31 67.08 4.8 58.8 55.6 3.2 119.51 120.61 (0.9)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
London 86.90 75.89 14.5 76.4 69.5 6.9 113.70 109.24 4.1
Rest of
Europe 44.51 44.88 (0.8) 64.2 64.3 (0.1) 69.27 69.75 (0.7)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Europe 65.97 60.58 8.9 70.4 66.9 3.5 93.69 90.51 3.5
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Singapore 84.84 85.65 (0.9) 87.4 82.7 4.7 97.10 103.60 (6.3)
Rest of
Asia 58.68 63.00 (6.9) 62.2 63.5 (1.3) 94.34 99.15 (4.9)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Asia 68.81 71.77 (4.1) 71.9 70.9 1.0 95.64 101.15 (5.4)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Australasia 87.07 74.20 17.3 90.5 91.2 (0.7) 96.20 81.31 18.3
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Group 70.66 67.56 4.6 69.1 66.2 2.9 102.30 102.00 0.3
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
# In constant currency whereby 31 March 2016 RevPAR and average room rates have been translated at average exchange rates for the period ended 31 March 2017.
In constant currency, Group RevPAR increased by 4.6% to GBP70.66 (Q1 2016: GBP67.56). Like-for-like(1) RevPAR increased by 1.8%.
Note 1: Like-for-like comparisons exclude the impact of acquisitions, closures and refurbishments; and they are stated in constant currency terms.
US
US RevPAR for the period increased by 4.8% to GBP70.31 (Q1 2016 GBP67.08). Occupancy increased by 3.2% points and average room rate was down by 0.9%.
New York RevPAR increased by 7.0% as a result of a 7.9% point rise in occupancy which was partially offset by a 4.8% drop in average room rate. Excluding ONE UN New York where the east tower was closed for refurbishment during Q1 2016, RevPAR for US and New York increased by 1.7% and 0.8% respectively.
RevPAR for Regional US increased by 2.5% to GBP50.25 (Q1 2016: GBP49.01) with increases in both occupancy and average room rate.
Europe
Europe RevPAR for Q1 2017 increased by 8.9%, reflecting a better start to the year compared to Q1 2016 when the region was affected by terror attacks in Paris and Brussels. RevPAR for London grew by 14.5% to GBP86.90 (Q1 2016: GBP75.89) with increases in both average room rate and occupancy in line with the general market and a significantly higher contribution from The Bailey's Hotel London after its refurbishment, completed in Q1 2016.
RevPAR for Rest of Europe reduced slightly by 0.8% mainly due to the Group's hotels in Paris where the pick-up has been slow as a result of the on-going terrorism threat.
Asia
Asia RevPAR for Q1 2017 fell by 4.1% to GBP68.81 (Q1 2016: GBP71.77). Occupancy was maintained at around last year's rate but average room rate dropped by 5.4%.
Singapore RevPAR dropped slightly by 0.9% with average room rate lower by 6.3%. The Group deployed a competitive pricing strategy, which succeeded in lifting occupancy by 4.7% points, re-balancing the mix of guests in light of continuing pressure on corporate travel budgets and increased room inventory. Rest of Asia RevPAR decreased by 6.9% in Q1 2017, mainly due to the lower number of Chinese visitors to Taipei and Seoul.
Australasia
Australasia RevPAR grew by 17.3% in Q1 2017, despite a dip in overseas visitor numbers in March 2017. The increase in RevPAR was mainly due to a successful rate-driven yield management strategy across the estate, with the recently opened Grand Millennium Auckland delivering a strong performance over the period. Excluding Grand Millennium Auckland, RevPAR for Australasia increased by 5.7%.
Developments
The tender for the Yangdong development project in Seoul is underway. Construction work is expected to start in the last quarter of this year.
The Group has adjusted the specifications slightly in relation to the mixed use development of its 35,717m(2) freehold landsite at Sunnyvale California resulting in lower costs, compared to earlier projections.
Hotel refurbishments
Phased refurbishments of Millennium Hotel London Mayfair and Millennium Hotel London Knightsbridge are planned to commence later this year, after the Group has finalised the scope and cost of the works.
Refurbishment of guestrooms on levels 7 and 8 of Grand Millennium Kuala Lumpur will be completed this year. Refurbishment of the guestrooms on levels 9 to 19 was completed last year.
Copthorne Hotel Auckland Harbourcity is in its final stage of construction and will soft-open in Q3 this year. It will be rebranded M Social Auckland.
Asset disposals
The Group continues to engage with the developer of Birmingham's Paradise Circus redevelopment scheme, under previously agreed commercial arrangements, regarding the closure and acquisition by the developer of the Copthorne Hotel Birmingham and possible acquisition by the Group of an alternative site for development of a new hotel within the scheme.
In March 2017 the Scottish Ministers approved an order that will allow Network Rail Infrastructure Limited ("Network Rail") to take permanently and to demolish the 1970s-built, 51-room extension of the Millennium Hotel Glasgow, in connection with the redevelopment of Queen Street Station. The Group will be entitled to compensation which will either be negotiated or settled at the Lands Tribunal. If the decision is not appealed, separation works are anticipated to commence in the summer of 2017. The Group is continuing to consider its options, whilst maintaining a commercial dialogue with Network Rail.
Other Group operations
Joint ventures and associates contributed GBP4m to profit in Q1 2017 (Q1 2016: GBP3m). The Group has an effective interest of 36% in First Sponsor Group Limited, which is listed on the Singapore Exchange and reports its results publicly.
Financial position
At 31 March 2017, the Group had net debt of GBP710m (Dec 2016: net debt GBP707m). Excluding CDLHT, the net debt at 31 March 2017 was GBP212m (Dec 2016: net debt GBP232m).
Current trading
On a constant currency basis, Group RevPAR was up by 4.7% for the three weeks ended 21 April 2017, with New York up by 19.9%, Regional US down by 1.8%, London up by 17.1%, Rest of Europe down by 8.9%, Singapore down by 10.8%, Rest of Asia down by 5.4% and Australasia up by 24.1%.
On a like-for-like basis excluding One UN New York and Grand Millennium Auckland, Group RevPAR increased by 1.3% with New York up by 8.7% and Australasia up by 10.6%.
This trading update contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of Millennium & Copthorne Hotels plc. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Undue reliance should not be placed on forward looking statements which speak only as of the date of this document. The Group accepts no obligation to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.
Condensed consolidated income statement (unaudited)
for the three months ended 31 March 2017
First First Full
Quarter Quarter Year
2017 2016 2016
Unaudited Unaudited Audited
GBPm GBPm GBPm
Revenue 223 192 926
Cost of sales (105) (87) (395)
--------------------------------------------------- ------------ ------------ ----------
Gross profit 118 105 531
Administrative expenses (101) (88) (382)
Other operating income - - 13
Other operating expense - - (55)
Operating profit 17 17 107
Share of profit of joint ventures and associates 4 3 26
Finance income 3 4 7
Finance expense (11) (6) (32)
--------------------------------------------------- ------------ ------------ ----------
Net finance expense (8) (2) (25)
Profit before tax 13 18 108
Income tax expense (2) (3) (10)
--------------------------------------------------- ------------ ------------ ----------
Profit for the period 11 15 98
--------------------------------------------------- ------------ ------------ ----------
Attributable to:
Equity holders of the parent 3 6 78
Non-controlling interests 8 9 20
--------------------------------------------------- ------------ ------------ ----------
11 15 98
-------------------------------------------------- ------------ ------------ ----------
The financial results above were derived from continuing activities.
Condensed consolidated statement of financial position (unaudited)
as at 31 March 2017
As at As at As at
31 March 31 March 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
GBPm GBPm GBPm
------------------------------- ------------ ------------ ----------
Non-current assets
Property, plant and equipment 3,277 2,884 3,238
Lease premium prepayment 108 100 107
Investment properties 551 545 534
Investment in joint ventures
and associates 323 269 320
4,259 3,798 4,199
------------------------------- ------------ ------------ ----------
Current assets
Inventories 5 4 5
Development properties 90 83 93
Lease premium prepayment 2 2 2
Trade and other receivables 93 84 95
Cash and cash equivalents 354 260 337
544 433 532
------------------------------- ------------ ------------ ----------
Total assets 4,803 4,231 4,731
-------------------------------- ------------ ------------ ----------
Non-current liabilities
Interest-bearing loans,
bonds and borrowings (966) (720) (951)
Employee benefits (23) (13) (23)
Provisions (9) (8) (10)
Other non-current liabilities (14) (13) (14)
Deferred tax liabilities (219) (221) (220)
-------------------------------- ------------ ------------ ----------
(1,231) (975) (1,218)
------------------------------- ------------ ------------ ----------
Current liabilities
Interest-bearing loans,
bonds and borrowings (98) (196) (93)
Trade and other payables (228) (195) (214)
Provisions (1) (2) (1)
Income taxes payable (31) (31) (35)
(358) (424) (343)
------------------------------- ------------ ------------ ----------
Total liabilities (1,589) (1,399) (1,561)
-------------------------------- ------------ ------------ ----------
Net assets 3,214 2,832 3,170
-------------------------------- ------------ ------------ ----------
Equity
Issued share capital 97 97 97
Share premium 843 843 843
Translation reserve 569 287 537
Treasury share reserve (4) (4) (4)
Retained earnings 1,201 1,152 1,195
Total equity attributable
to equity holders of the
parent 2,706 2,375 2,668
Non-controlling interests 508 457 502
-------------------------------- ------------ ------------ ----------
Total equity 3,214 2,832 3,170
-------------------------------- ------------ ------------ ----------
Segment results
Q1 2017
Rest Rest Central
New Regional of Singapore of Costs Total
York US London Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Revenue
Hotel 26 29 25 14 33 41 23 - 191
Property operations - 1 - - 1 2 14 - 18
REIT - - - 2 4 6 2 - 14
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Total revenue 26 30 25 16 38 49 39 - 223
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel gross operating
profit/(loss) (5) 2 10 1 14 13 12 - 47
Hotel fixed charges
(1) (8) (6) (5) (2) (2) (10) (1) - (34)
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel operating
profit/(loss) (13) (4) 5 (1) 12 3 11 - 13
Property operating
profit - - - - 1 2 6 - 9
REIT operating
profit/(loss) - - - - (1) 2 2 - 3
Central costs - - - - - - - (8) (8)
Operating
profit/(loss) (13) (4) 5 (1) 12 7 19 (8) 17
Share of joint
ventures and
associates profit - - - 1 - 3 - - 4
Add: Depreciation
and amortisation 2 3 2 1 3 6 1 1 19
EBITDA (2) (11) (1) 7 1 15 16 20 (7) 40
Less: Depreciation
and amortisation (19)
Net finance expense (8)
Profit before
tax 13
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Q1 2016
Rest Rest Central
New Regional of Singapore of Costs Total
York US London Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Revenue
Hotel 21 26 22 16 30 37 13 - 165
Property operations - 1 - - 1 2 9 - 13
REIT - - - 2 3 5 4 - 14
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Total revenue 21 27 22 18 34 44 26 - 192
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel gross operating
profit/(loss) (3) 2 9 2 12 12 6 - 40
Hotel fixed charges
(1) (7) (5) (6) (2) (1) (8) (1) - (30)
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel operating
profit/(loss) (10) (3) 3 - 11 4 5 - 10
Property operating
profit - - - - - 2 5 - 7
REIT operating
profit/(loss) - - - - (1) 2 3 - 4
Central costs - - - - - - - (4) (4)
Operating
profit/(loss) (10) (3) 3 - 10 8 13 (4) 17
Share of joint
ventures and
associates profit - - - 2 - 1 - - 3
Add: Depreciation
and amortisation 2 3 2 1 3 5 - - 16
EBITDA (2) (8) - 5 3 13 14 13 (4) 36
Less: Depreciation
and amortisation (16)
Net finance expense (2)
Profit before
tax 18
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, amortisation of lease premium prepayments, property rent, taxes and insurance, operating lease rentals and management fees.
(2) EBITDA is earnings before interest, tax and, depreciation and amortisation.
APPIX 1: Key OPERATING STATISTICS
for the three months ended 31 March 2017
Q1 2017 Q1 2016 Q1 2016 FY 2016
Reported Constant Reported Reported
Owned or leased hotels* currency currency currency currency
------------------------ ------------------------ --------- --------- ---------
Occupancy (%)
New York 72.0 64.1 77.9
Regional US 52.4 51.4 58.6
------------------------ ------------------------ --------- --------- ---------
Total US 58.8 55.6 65.0
------------------------ ------------------------ --------- --------- ---------
London 76.4 69.5 81.9
Rest of Europe 64.2 64.3 72.2
------------------------ ------------------------ --------- --------- ---------
Total Europe 70.4 66.9 77.1
------------------------ ------------------------ --------- --------- ---------
Singapore 87.4 82.7 84.2
Rest of Asia 62.2 63.5 65.4
------------------------ ------------------------ --------- --------- ---------
Total Asia 71.9 70.9 72.7
------------------------ ------------------------ --------- --------- ---------
Australasia 90.5 91.2 81.3
------------------------ ------------------------ --------- --------- --------- Total Group 69.1 66.2 71.8 ------------------------ ------------------------ --------- --------- --------- Average Room Rate (GBP) New York 154.33 162.03 140.52 186.85 Regional US 96.00 95.27 82.62 98.12 ------------------------ ------------------------ --------- --------- --------- Total US 119.51 120.61 104.60 133.18 ------------------------ ------------------------ --------- --------- --------- London 113.70 109.24 109.24 130.83 Rest of Europe 69.27 69.75 67.52 72.86 ------------------------ ------------------------ --------- --------- --------- Total Europe 93.69 90.51 89.44 104.04 ------------------------ ------------------------ --------- --------- --------- Singapore 97.10 103.60 90.85 95.22 Rest of Asia 94.34 99.15 84.81 92.66 ------------------------ ------------------------ --------- --------- --------- Total Asia 95.64 101.15 87.53 93.81 ------------------------ ------------------------ --------- --------- --------- Australasia 96.20 81.31 66.36 71.84 ------------------------ ------------------------ --------- --------- --------- Total Group 102.30 102.00 90.62 106.78 ------------------------ ------------------------ --------- --------- --------- RevPAR (GBP) New York 111.16 103.89 90.09 145.64 Regional US 50.25 49.01 42.51 57.49 ------------------------ ------------------------ --------- --------- --------- Total US 70.31 67.08 58.18 86.52 ------------------------ ------------------------ --------- --------- --------- London 86.90 75.89 75.89 107.18 Rest of Europe 44.51 44.88 43.44 52.61 ------------------------ ------------------------ --------- --------- --------- Total Europe 65.97 60.58 59.87 80.24 ------------------------ ------------------------ --------- --------- --------- Singapore 84.84 85.65 75.11 80.21 Rest of Asia 58.68 63.00 53.89 60.63 ------------------------ ------------------------ --------- --------- --------- Total Asia 68.81 71.77 62.10 68.21 ------------------------ ------------------------ --------- --------- --------- Australasia 87.07 74.20 60.54 58.40 ------------------------ ------------------------ --------- --------- --------- Total Group 70.66 67.56 60.02 76.71 ------------------------ ------------------------ --------- --------- --------- Gross Operating Profit Margin (%) New York (17.9) (14.3) 15.9 Regional US 8.2 7.7 20.9 ------------------------ ------------------------ --------- --------- --------- Total US (4.1) (2.1) 18.4 ------------------------ ------------------------ --------- --------- --------- London 41.3 40.9 49.8 Rest of Europe 9.2 12.5 19.1 ------------------------ ------------------------ --------- --------- --------- Total Europe 29.6 28.9 37.8 ------------------------ ------------------------ --------- --------- --------- Singapore 40.8 40.0 40.8 Rest of Asia 30.2 32.4 34.0 ------------------------ ------------------------ --------- --------- --------- Total Asia 35.0 35.8 37.0 ------------------------ ------------------------ --------- --------- --------- Australasia 54.2 46.2 46.5 ------------------------ ------------------------ --------- --------- --------- Total Group 24.7 24.2 31.6 ------------------------ ------------------------ --------- --------- ---------
For comparability, the 31 March 2016 Average Room Rate and RevPAR have been translated at average exchange rates for the period ended 31 March 2017.
* excluding managed, franchised and investment hotels.
APPENDIX 2: HOTEL ROOM COUNT AND PIPELINE
as at 31 March 2017
Hotels Rooms
Hotel and 31 March 31 Dec Change 31 March 31 Dec Change
room count 2017 2016 2017 2016
------------------ --------- ------- ------- --------- ------- -------
Analysed
by region:
New York 4 4 - 2,238 2,238 -
Regional
US 15 15 - 4,559 4,559 -
London 8 8 - 2,651 2,651 -
Rest of Europe 19 19 - 3,081 3,081 -
Middle East 28 26 2 8,759 7,805 954
Singapore 7 7 - 3,011 3,011 -
Rest of Asia 27 27 - 10,022 10,036 (14)
Australasia 25 25 - 3,641 3,641 -
------------------ --------- ------- ------- --------- ------- -------
Total 133 131 2 37,962 37,022 940
------------------ --------- ------- ------- --------- ------- -------
Analysed
by ownership
type:
Owned or
Leased 66 66 - 19,536 19,534 2
Managed 44 42 2 12,862 11,924 938
Franchised 7 7 - 1,091 1,091 -
Investment 16 16 - 4,473 4,473 -
------------------ --------- ------- ------- --------- ------- -------
Total 133 131 2 37,962 37,022 940
------------------ --------- ------- ------- --------- ------- -------
Analysed
by brand:
Grand Millennium 9 9 - 3,734 3,732 2
Millennium 49 49 - 15,888 15,960 (72)
Copthorne 35 35 - 6,924 6,944 (20)
Kingsgate 7 7 - 671 671 -
Other M&C 14 12 2 4,647 3,617 1,030
Third Party 19 19 - 6,098 6,098 -
------------------ --------- ------- ------- --------- ------- -------
Total 133 131 2 37,962 37,022 940
------------------ --------- ------- ------- --------- ------- -------
Hotels Rooms
Pipeline 31 March 31 Dec Change 31 March 31 Dec Change
2017 2016 2017 2016
------------------ ----------- -------- --------- ----------- -------- ---------
Analysed
by region:
Middle East 15 17 (2) 4,492 5,465 (973)
Asia 4 4 - 1,608 1,608 -
Regional
US 1 1 - 263 263 -
Rest of Europe 1 1 - 153 153 -
Total 21 23 (2) 6,516 7,489 (973)
------------------ ----------- -------- --------- ----------- -------- ---------
Analysed
by ownership
type:
Managed 19 21 (2) 5,711 6,684 (973)
Owned 2 2 - 805 805 -
Total 21 23 (2) 6,516 7,489 (973)
------------------ ----------- -------- --------- ----------- -------- ---------
Analysed
by brand:
Grand Millennium 2 2 - 847 847 -
Millennium 10 11 (1) 2,847 3,079 (232)
Copthorne 2 2 - 666 666 -
Kingsgate 2 2 - 559 559 -
Other M&C 5 6 (1) 1,597 2,338 (741)
Total 21 23 (2) 6,516 7,489 (973)
------------------ ----------- -------- --------- ----------- -------- ---------
The Group's worldwide pipeline comprises 21 hotels offering 6,516 rooms, which are mainly management contracts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
May 05, 2017 02:01 ET (06:01 GMT)
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