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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMLC
RNS Number : 5874Y
Millennium & Copthorne Hotels PLC
10 May 2019
For Immediate Release 10 May 2019
MILLENNIUM & COPTHORNE HOTELS PLC
TRADING UPDATE
First quarter results to 31 March 2019
LEI: 2138003EQ104LZ1JNH19
Highlights for 1(st) quarter 2019:
Reported Currency Constant Currency Q1 Q1 Change Q1 Change 2019 2018 2018 ------------ ------------------------ ----------- ------------------------ RevPAR GBP70.01 GBP68.48 GBP1.53 2.2% GBP70.65 GBP(0.64) (0.9)% ------------ ------------ ------------ ---------- ----------- ------------ ---------- Revenue - total GBP215m GBP217m GBP(2)m (0.9)% GBP224m GBP(9)m (4.0)% ------------ ------------ ------------ ---------- ----------- ------------ ---------- Revenue - hotel GBP187m GBP187m - - GBP193m GBP(6)m (3.1)% ------------ ------------ ------------ ---------- ----------- ------------ ---------- Profit before tax GBP11m GBP26m GBP(15)m (57.7)% GBP26m GBP(15)m (57.7)% ------------ ------------ ------------ ---------- ----------- ------------ ----------
* Like-for-like comparisons exclude the impact of acquisitions, closures and refurbishments; and they are stated in constant currency terms.
-- Group RevPAR in constant currency for Q1 2019 decreased by 0.9% to GBP70.01 (Q1 2018: GBP70.65). Like-for-like* Group RevPAR decreased by 0.8%. Like-for-like* comparison excludes the Mayfair hotel and Millennium New Plymouth New Zealand.
-- Operating performance was negatively impacted by refurbishment affecting major hotels in two of the Group's key gateway cities - London and Singapore. The Mayfair London property was partially closed in November 2017 and then fully closed in July 2018. The Orchard Hotel in Singapore has been under phased refurbishment since middle 2017.
-- Total revenue in constant currency decreased by GBP9m, driven mainly by the impact of hotel refurbishment and lower contributions from the REIT hotels and property income.
-- Pre-tax profit in constant currency for Q1 2019 decreased by GBP15m to GBP11m (Q1 2018: GBP26m). Profit was impacted by the Mayfair property refurbishment and lower contributions from Asian hotels, principally due to the Orchard Hotel Singapore refurbishment. In addition, REIT profit contributions were down by GBP3m and net finance cost was higher by GBP5m. In Q1 last year, CDL Hospitality Trusts recognised GBP3m profit from divestment of its two Australian properties.
-- Management is in the final stage of discussions with Hilton regarding the Group's operation of the newly renamed Millennium Times Square New York, formerly known as the Millennium Broadway New York Times Square, as an affiliate of Hilton, with access to its reservation channels and loyalty programme.
-- For the first 21 days of April 2019, like-for-like* Group RevPAR increased by 2.2%.
Mr Kwek Leng Beng, Chairman, commented:
"Despite the uncertainties and challenges in the global economy, we remain focused on making the best use of our hospitality assets. The Group is prioritising the refurbishment of our key gateway city properties to reposition our hotels, whilst seeking to minimise the short-term negative impact on our trading results. Operationally, we must successfully manage the refurbishment process and re-focus our sales efforts so as to improve yields. To that end, the affiliation agreement with Hilton for the Millennium Times Square New York will allow us to continue to manage one of our most significant hotels and help us to turn around the performance of the hotel more quickly."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0) 20 78722444
Tan Kian Seng, Interim Group Chief Executive Officer
Kok-Kee Chong, Chief Financial Officer
Jonathon Grech, Group General Counsel and Company Secretary
David Allchurch, Tulchan Communications LLP Tel: +44 (0) 20 73534200
FINANCIAL PERFORMANCE
Reported Currency Constant Currency Q1 2018 Change Q1 2018 Change GBPm GBPm ---------- ----------------- ---------- ------------------ Q1 2019 GBPm % GBPm GBPm % ---------- ------- -------- ---------- ------- --------- Hotel 187 187 - - 193 (6) (3.1) ---------- ---------- ------- -------- ---------- ------- --------- Property 13 14 (1) (7.1) 14 (1) (7.1) ---------- ---------- ------- -------- ---------- ------- --------- REIT 15 16 (1) (6.3) 17 (2) (11.8) ---------- ---------- ------- -------- ---------- ------- --------- Total Revenue 215 217 (2) (0.9) 224 (9) (4.0) ---------- ---------- ------- -------- ---------- ------- ---------
For Q1 2019, hotel revenue in constant currency was down by GBP6m or 3.1% compared to the same period last year. Impact from Mayfair hotel closure was GBP3m.
Property revenues were lower by GBP1m or 7.1% in Q1 2019 as compared to last year due principally to lower sales of residential sections in New Zealand.
HOTEL OPERATIONS
For comparability, the following performance review is based on calculations in constant currency whereby 31 March 2018 RevPAR and average room rates have been translated at average exchange rates for the period ended 31 March 2019.
In constant currency, Group RevPAR decreased by 0.9% to GBP70.01 for the first quarter ended 31 March 2019. Average room rate was down 1.6% and occupancy increased by 0.5% points. Like-for-like Group RevPAR decreased by 0.8% compared to the same period last year.
RevPAR Occupancy Average Room Rate Q1 2019 Q1 2019 #Q1 2018 Change Q1 2019 Q1 2018 Change Q1 2019 #Q1 2018 Change GBP GBP % % % %pts GBP GBP % -------- -------- -------- ------- -------- --------- ------- New York 111.69 113.42 (1.5) 76.9 75.2 1.7 145.33 150.73 (3.6) Regional US 48.17 48.89 (1.5) 51.5 50.7 0.8 93.50 96.52 (3.1) -------- --------- ------- -------- -------- ------- -------- --------- ------- Total US 69.17 70.14 (1.4) 59.9 58.8 1.1 115.48 119.38 (3.3) -------- --------- ------- -------- -------- ------- -------- --------- ------- London 82.93 78.72 5.3 73.7 69.3 4.4 112.53 113.66 (1.0) Rest of Europe 45.15 47.04 (4.0) 62.8 64.7 (1.9) 71.86 72.72 (1.2) -------- --------- ------- -------- -------- ------- -------- --------- ------- Total Europe 63.07 63.28 (0.3) 68.0 67.0 1.0 92.78 94.40 (1.7) -------- --------- ------- -------- -------- ------- -------- --------- ------- Singapore 83.40 85.49 (2.4) 86.5 86.6 (0.1) 96.45 98.67 (2.2) Rest of Asia 57.83 59.85 (3.4) 62.2 63.0 (0.8) 92.90 94.98 (2.2) -------- --------- ------- -------- -------- ------- -------- --------- ------- Total Asia 67.73 69.78 (2.9) 71.6 72.2 (0.6) 94.56 96.70 (2.2) -------- --------- ------- -------- -------- ------- -------- --------- ------- Australasia 90.71 88.80 2.2 91.3 91.2 0.1 99.34 97.37 2.0 -------- --------- ------- -------- -------- ------- -------- --------- ------- Total Group 70.01 70.65 (0.9) 69.1 68.6 0.5 101.27 102.96 (1.6) -------- --------- ------- -------- -------- ------- -------- --------- -------
# In constant currency whereby 31 March 2018 RevPAR and average room rates have been translated at average exchange rates for the first quarter ended 31 March 2019.
US
US RevPAR for Q1 2019 decreased by 1.4% to GBP69.17 (Q1 2018: GBP70.14). Average room rate dropped by 3.3% and occupancy increased by 1.1% points.
New York RevPAR fell by 1.5% to GBP111.69 (Q1 2018: GBP113.42) due to decrease in room rates by 3.6%; offset partially by increase in occupancy of 1.7% points. Regional US also has the same trend with a 1.5% decrease in RevPAR during Q1 2019.
The US federal government shutdown and Polar Vortex during January this year have negatively impacted demand, especially corporate transient and group travels. There were also two major non-repeat citywide events in Los Angeles and Minneapolis that took place during Q1 last year.
Europe
Europe RevPAR during Q1 2019 fell slightly by 0.3% principally due to the lower room rates.
London RevPAR increased by 5.3% to GBP82.93 (Q1 2018: GBP78.72). Occupancy increased by 4.4% points. Average room rate fell by 1.0% during Q1 2019. The Mayfair hotel, which has been closed for refurbishment since July 2018, is anticipated to re-open in mid-2019. Like-for-like London RevPAR excluding the Mayfair hotel increased by 4.9% with average room rate up by 5.1% and occupancy down slightly by 0.1% point. The higher average room rate was due to the substitution of a portion of the air crew business with higher price retail business at premium properties.
RevPAR for Rest of Europe dropped by 4.0% with decreases in both occupancy and average room rate of 1.9% points and 1.2% respectively.
Asia
Asia RevPAR during Q1 2019 decreased by 2.9% to GBP67.73 (Q1 2018: GBP69.78) due to decreases in both occupancy and average room rates of 0.6% points and 2.2% respectively.
Singapore RevPAR decreased by 2.4%. Occupancy was down slightly by 0.1% point. Average room rate was also down by 2.2%. The Group's hotels in Singapore continued to suffer from weaker demand from the corporate sector. The refurbishment work at Orchard Hotel involving guest rooms and public areas has also negatively affected the region's performance. There were certain non-repeat events such as Singapore Airshow and government meetings that took place last year.
Australasia
RevPAR for New Zealand during Q1 2019 increased by 2.2% with increases in both occupancy and average room rate of 0.1% point and 2.0% respectively.
Excluding Millennium New Plymouth which was acquired in February last year, like-for-like Australasia RevPAR grew by 2.3%. The three top contributors were Kingsgate Hotel Te Anau, M Social Auckland and Millennium Hotel Queenstown.
Developments
The Sunnyvale California project comprises the construction of a 263-room hotel and a 250-unit residential apartment block on 35,717m(2) mixed use freehold landsite. The ground-breaking ceremony was held on 16 October 2018. Construction of the apartment element will commence first and the whole project is expected to complete in Q1 2021. The hotel will be branded as M Social to fit with the expected guest profile. Total construction cost is estimated at US$180m (GBP136m).
Architecture and engineering designs in relation to the construction of a 300-room hotel and a 250-unit serviced apartment complex on Yangdong development land, situated adjacent to Millennium Seoul Hilton, are still to be finalised. Total construction cost is anticipated to be around KRW130b (GBP87m).
Hotel refurbishments
The on-going refurbishment work at the Mayfair hotel which is now renamed The Biltmore, Mayfair, is expected to complete in mid-2019. The hotel will have 257 luxurious guest rooms plus 51 designer suites.
The refurbishment work of the public areas at the Orchard Hotel has substantially completed, with the ground floor lobby and F&B outlets completed in December last year and the ballroom and meeting spaces completed in March this year. The refurbishment of the 260 units of guestrooms at the Orchard Wing is currently still in progress, with 7 out of 11 floors completed. The remaining 4 floors are targeted to complete in Q2 2019.
Disposals
During Q1 last year, CDLHT disposed of its investment in two hotels in Australia, the Mercure Brisbane and Ibis Brisbane for A$77m (GBP45m) generating a profit of GBP3m.
Board & management changes
As previously announced, Mrs Vicky Williams will be joining M&C's Board of Directors as an independent Non-Executive Director immediately following the Company's Annual General Meeting scheduled on 10 May 2019. Ms Paola Bergamaschi Broyd joined the Board as an independent Non-Executive Director on 21 March 2019.
The search for a permanent Group Chief Executive Officer is on-going.
New accounting standard
The Group adopted "IFRS 16 Leases" with effect from 1 January 2019 using modified retrospective approach. IFRS 16 results in lessees accounting for operating leases within the scope of the standard in a manner similar to the way in which finance leases are currently accounted for under IAS 17 Leases. Lessees will recognise a 'right of use' ("ROU") asset and a corresponding financial liability on the balance sheet. The asset will be amortised over the period of the lease and the financial liability measured at amortised cost.
This announcement 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 2019
First First Full Quarter Quarter Year 2019 2018 2018 Unaudited Unaudited Audited GBPm GBPm GBPm Revenue 215 217 997 Cost of sales (102) (101) (436) -------------------------------------------------- ------------ ------------ ---------- Gross profit 113 116 561 Administrative expenses (100) (95) (423) Other operating income - 3 30 Other operating expense - - (63) Operating profit 13 24 105 Share of profit of joint ventures and associates 6 5 29 Finance income 4 6 9 Finance expense (12) (9) (37) -------------------------------------------------- ------------ ------------ ---------- Net finance expense (8) (3) (28) Profit before tax 11 26 106 Income tax expense (1) (4) (13) -------------------------------------------------- ------------ ------------ ---------- Profit for the year 10 22 93 -------------------------------------------------- ------------ ------------ ---------- Attributable to: Equity holders of the parent 1 8 43 Non-controlling interests 9 14 50 -------------------------------------------------- ------------ ------------ ---------- 10 22 93 -------------------------------------------------- ------------ ------------ ----------
The financial results above derive from continuing activities.
Condensed consolidated statement of financial position (unaudited)
as at 31 March 2019
As at As at As at 31 March 31 March 31 Dec 2019 2018 2018 Unaudited Unaudited Audited GBPm GBPm GBPm ------------------------------------- ------------ ------------ ---------- Non-current assets Property, plant and equipment 3,284 3,035 3,153 Lease premium prepayment - 100 103 Investment properties 656 565 668 Investment in joint ventures and associates 357 321 358 Other financial assets 42 - 43 4,339 4,021 4,325 ------------------------------------- ------------ ------------ ---------- Current assets Inventories 5 4 5 Development properties 114 107 115 Lease premium prepayment - 2 2 Trade and other receivables 97 84 102 Cash and cash equivalents 364 356 375 580 553 599
Total assets 4,919 4,574 4,924 -------------------------------------- ------------ ------------ ---------- Non-current liabilities Interest-bearing loans, bonds and borrowings (744) (788) (789) Employee benefits (13) (17) (14) Provisions (9) (9) (9) Other non-current liabilities (19) (17) (15) Lease liabilities (102) - - Deferred tax liabilities (164) (182) (172) -------------------------------------- ------------ ------------ ---------- (1,051) (1,013) (999) ------------------------------------- ------------ ------------ ---------- Current liabilities Interest-bearing loans, bonds and borrowings (362) (186) (313) Trade and other payables (209) (202) (220) Provisions (1) (2) (2) Lease liabilities (4) - - Income taxes payable (19) (18) (27) (595) (408) (562) ------------------------------------- ------------ ------------ ---------- Total liabilities (1,646) (1,421) (1,561) -------------------------------------- ------------ ------------ ---------- Net assets 3,273 3,153 3,363 -------------------------------------- ------------ ------------ ---------- Equity Issued share capital 97 97 97 Share premium 843 843 843 Translation reserve 428 356 491 Treasury share reserve (4) (4) (4) Fair value reserve 4 - 5 Retained earnings 1,339 1,316 1,338 Total equity attributable to equity holders of the parent 2,707 2,608 2,770 Non-controlling interests 566 545 593 -------------------------------------- ------------ ------------ ---------- Total equity 3,273 3,153 3,363 -------------------------------------- ------------ ------------ ----------
Segment results
Q1 2019 Rest Central New Regional Rest Singapore of Costs Total York US London of Europe GBPm Asia Australasia GBPm Group GBPm GBPm GBPm GBPm GBPm GBPm GBPm -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Revenue Hotel 27 28 20 14 32 40 26 - 187 Property operations - 1 - - 1 2 9 - 13 REIT - - - 7 4 3 1 - 15 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Total revenue 27 29 20 21 37 45 36 - 215 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Hotel gross operating profit/(loss) (5) 1 7 1 12 11 14 - 41 Hotel fixed charges (1) (7) (6) (4) (2) (1) (8) (2) - (30) -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Hotel operating profit/(loss) (12) (5) 3 (1) 11 3 12 - 11 Property operating profit - 1 - - - 2 5 - 8 REIT operating profit/(loss) - - - 2 (1) - 1 - 2 Central costs - - - - - - - (8) (8) Operating profit/(loss) (12) (4) 3 1 10 5 18 (8) 13 Share of joint ventures and associates profit - - - 3 - 3 - - 6 Add: Depreciation and amortisation 2 3 1 2 4 5 1 1 19 EBITDA (2) (10) (1) 4 6 14 13 19 (7) 38 Less: Depreciation and amortisation (19) Net finance expense (8) Profit before tax 11 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Q1 2018 Rest Central New Regional Rest Singapore of Costs Total York US London of Europe GBPm Asia Australasia GBPm Group GBPm GBPm GBPm GBPm GBPm GBPm GBPm -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Revenue Hotel 25 27 22 15 33 40 25 - 187 Property operations - 1 - - 1 2 10 - 14 REIT - - - 7 4 4 1 - 16 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Total revenue 25 28 22 22 38 46 36 - 217 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Hotel gross operating profit/(loss) (4) 2 8 2 13 13 13 - 47 Hotel fixed charges (1) (8) (6) (6) (3) (1) (8) (1) - (33) -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- ------- Hotel operating profit/(loss) (12) (4) 2 (1) 12 5 12 - 14 Property operating profit - 1 - - - 2 6 - 9 REIT operating profit - - - 3 - 1 1 - 5 Central costs - - - - - - - (7) (7) Other operating income - REIT - - - - - - 3 - 3 Operating profit/(loss) (12) (3) 2 2 12 8 22 (7) 24 Share of joint ventures and associates profit - - - - - 5 - - 5 Add: Depreciation and amortisation 2 3 1 - 3 5 1 1 16 EBITDA (2) (10) - 3 2 15 18 23 (6) 45 Less: Depreciation and amortisation (16) Net finance expense (3) Profit before tax 26 -------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, property taxes & insurance 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 2019
Q1 2019 Q1 2018 Q1 2018 FY 2018 Constant Constant Reported Reported Owned or leased hotels* currency currency currency currency ------------------------------ --------- --------- ------------- --------- Occupancy (%) New York 76.9 75.2 86.3 Regional US 51.5 50.7 57.6 ------------------------------ --------- --------- ------------- --------- Total US 59.9 58.8 67.1 ------------------------------ --------- --------- ------------- --------- London 73.7 69.3 80.1 Rest of Europe 62.8 64.7 71.2 ------------------------------ --------- --------- ------------- --------- Total Europe 68.0 67.0 75.6 ------------------------------ --------- --------- ------------- --------- Singapore 86.5 86.6 85.9 Rest of Asia 62.2 63.0 68.1 ------------------------------ --------- --------- ------------- --------- Total Asia 71.6 72.2 75.0 ------------------------------ --------- --------- ------------- --------- Australasia 91.3 91.2 82.5 ------------------------------ --------- --------- ------------- --------- Total Group 69.1 68.6 73.3 ------------------------------ --------- --------- ------------- --------- Average Room Rate (GBP) New York 145.33 150.73 141.16 191.78 Regional US 93.50 96.52 90.39 103.51 ------------------------------ --------- --------- ------------- --------- Total US 115.48 119.38 111.80 140.96 ------------------------------ --------- --------- ------------- --------- London 112.53 113.66 113.66 127.22 Rest of Europe 71.86 72.72 72.95 78.94 ------------------------------ --------- --------- ------------- --------- Total Europe 92.78 94.40 94.51 104.22 ------------------------------ --------- --------- ------------- --------- Singapore 96.45 98.67 95.01 97.26 Rest of Asia 92.90 94.98 93.22 95.74 ------------------------------ --------- --------- ------------- --------- Total Asia 94.56 96.70 94.06 96.42 ------------------------------ --------- --------- ------------- --------- Australasia 99.34 97.37 96.65 88.61 ------------------------------ --------- --------- ------------- --------- Total Group 101.27 102.96 99.80 111.31 ------------------------------ --------- --------- ------------- --------- RevPAR (GBP) New York 111.69 113.42 106.22 165.49 Regional US 48.17 48.89 45.79 59.61 ------------------------------ --------- --------- ------------- --------- Total US 69.17 70.14 65.69 94.52 ------------------------------ --------- --------- ------------- --------- London 82.93 78.72 78.72 101.89 Rest of Europe 45.15 47.04 47.18 56.18 ------------------------------ --------- --------- ------------- --------- Total Europe 63.07 63.28 63.35 78.76 ------------------------------ --------- --------- ------------- --------- Singapore 83.40 85.49 82.32 83.56 Rest of Asia 57.83 59.85 58.74 65.17 ------------------------------ --------- --------- ------------- --------- Total Asia 67.73 69.78 67.87 72.29 ------------------------------ --------- --------- ------------- --------- Australasia 90.71 88.80 88.14 73.13 ------------------------------ --------- --------- ------------- --------- Total Group 70.01 70.65 68.48 81.57 ------------------------------ --------- --------- ------------- --------- Gross Operating Profit Margin (%) New York (18.8) (15.4) 15.6 Regional US 4.4 7.4 19.3 ------------------------------ --------- --------- ------------- --------- Total US (7.0) (3.6) 17.4 ------------------------------ --------- --------- ------------- --------- London 33.6 34.5 41.0 Rest of Europe 8.6 12.8 21.8 ------------------------------ --------- --------- ------------- --------- Total Europe 23.2 25.8 33.2 ------------------------------ --------- --------- ------------- --------- Singapore 37.6 40.2 39.3 Rest of Asia 27.8 32.3 34.5 ------------------------------ --------- --------- ------------- --------- Total Asia 32.1 35.8 36.5 ------------------------------ --------- --------- ------------- --------- Australasia 54.9 54.5 49.0 ------------------------------ --------- --------- ------------- --------- Total Group 21.9 25.2 30.5 ------------------------------ --------- --------- ------------- ---------
For comparability, the 31 March 2018 Average Room Rate and RevPAR have been translated at average exchange rates for the three months ended 31 March 2019.
* excluding managed, franchised and investment hotels.
APPIX 2: HOTEL ROOM COUNT AND PIPELINE
as at 31 March 2019
Hotels Rooms Hotel and room 31 March 31 December Change 31 March 31 December Change count 2019 2018 2019 2018 ----------------------- --------- ------------ ------- --------- ------------ ------- Analysed by region: New York 4 4 - 2,238 2,238 - Regional US 15 15 - 4,559 4,559 - London 7 7 - 2,266 2,266 - Rest of Europe 23 23 - 3,741 3,741 - Middle East 37 36 1 12,327 11,980 347 Singapore 7 7 - 3,011 3,011 - Rest of Asia 23 23 - 9,005 9,006 (1) Australasia 24 24 - 3,522 3,522 - ----------------------- --------- ------------ ------- --------- ------------ ------- Total 140 139 1 40,669 40,323 346 ----------------------- --------- ------------ ------- --------- ------------ ------- Analysed by ownership type: Owned or Leased 66 66 - 19,437 19,437 - Managed 14 14 - 3,537 3,537 - Franchised 45 44 1 13,408 13,062 346 Investment 15 15 - 4,287 4,287 - ----------------------- --------- ------------ ------- --------- ------------ ------- Total 140 139 1 40,669 40,323 346 ----------------------- --------- ------------ ------- --------- ------------ ------- Analysed by brand: Grand Millennium 10 10 - 3,986 3,986 - Millennium 55 57 (2) 17,828 18,108 (280) Copthorne 34 34 - 6,699 6,700 (1) Kingsgate 7 7 - 671 671 - Other M&C 16 15 1 5,576 5,570 6 Third Party 18 16 2 5,909 5,288 621 ----------------------- --------- ------------ ------- --------- ------------ ------- Total 140 139 1 40,669 40,323 346 ----------------------- --------- ------------ ------- --------- ------------ ------- Hotels Rooms Pipeline 31 March 31 December Change 31 March 31 December Change 2019 2018 2019 2018 ------------------ ---------------- ------------ ------- ----------------- ------------ --------
Analysed by region: Middle East 14 17 (3) 7,080 8,181 (1,101) Asia 6 6 - 1,770 1,770 - Regional US 1 1 - 263 263 - Rest of Europe 2 1 1 658 318 340 London 1 1 - 308 308 - Total 24 26 (2) 10,079 10,840 (761) ------------------ ---------------- ------------ ------- ----------------- ------------ -------- Analysed by ownership type: Managed 4 4 - 1,191 1,191 - Franchised 15 18 (3) 7,398 8,499 (1,101) Investment 2 1 1 377 37 340 Owned 3 3 - 1,113 1,113 - Total 24 26 (2) 10,079 10,840 (761) ------------------ ---------------- ------------ ------- ----------------- ------------ -------- Analysed by brand: Grand Millennium 1 1 - 318 318 - Millennium 14 16 (2) 5,649 6,479 (830) Copthorne 3 3 - 2,396 2,396 - Third Party 2 1 1 377 37 340 Other M&C 4 5 (1) 1,339 1,610 (271) Total 24 26 (2) 10,079 10,840 (761) ------------------ ---------------- ------------ ------- ----------------- ------------ --------
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END
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