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MLC Millennium & Copthorne Hotels Plc

687.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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

Millennium & Copthorne Hotels PLC 1st Quarter Results (5874Y)

10/05/2019 7:00am

UK Regulatory


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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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May 10, 2019 02:00 ET (06:00 GMT)

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