Copthorne occupancy lifts profits

Upmarket hotels group Millennium & Copthorne said high occupancy and increased revenues at its three New York premises helped boost profits 45% last year.

The company has 91 hotels worldwide and in 2005 announced 10 new management and franchise contracts, including Millennium Hongqiao Shanghai – its first venture into mainland China.

Pre-tax profits excluding other operating income and impairment rose to £74m (€108m) from £51.2m (€75m) the year before.

Revenues per available room increased 7.4% to £46.73 (€68.37) while overall room occupancy rose to 73% from 71.8%.