Games boosts room rates for M&C
the Olympics helped hotels group Millennium & Copthorne enjoy a 20 per cent rise in room rates in London this summer, although its hotels in the capital were slightly emptier than the same period a year ago.
M&C said the popularity of its hotels in Mayfair and Knightsbridge over the Games saw revenues per available room, known as RevPAR in hotel-speak, grow by 20.2 per cent in the Olympic third quarter, as room rates increased by a similar amount. Occupancy slipped 0.1 per cent but the group had already warned past Olympic Games had not been good for business.
M&C said London's strength had continued since September, with RevPAR up 6.9 per cent. Like-for-like revenues in the nine months fell 1.2 per cent to £190.6m.
Pre-tax profit was down 22 per cent at £117.1m.
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