Hotel cheer as M&C sees higher profits

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Millennium & Copthorne Hotels tendered fresh evidence of the recovery in the hospitality market last night, posting a 53 per cent hike in annual pre-tax profits to £128.5m amid signs of improvement at its key London, Singapore and New York outposts.

The update, which came a day after its rival Intercontinental Hotels issued upbeat results, also showed a 14 per cent rise in revenues per available room, a key industry gauge. The rise was driven by strong gains in key markets, with a 29.3 per cent increase in Singapore, 8.8 per cent in New York and 7.9 per cent in London.

The chief executive, Richard Hartman, who announced his intention to retire last year, said he expected a successor to be named by the end of next month.