TIDMMLC
RNS Number : 1011N
Millennium & Copthorne Hotels PLC
04 May 2018
For Immediate Release 4 May 2018
MILLENNIUM & COPTHORNE HOTELS PLC
TRADING UPDATE
First quarter results to 31 March 2018
LEI: 2138003EQ104LZ1JNH19
Highlights for 1(st) quarter 2018:
Reported Currency Constant Currency
----------------- ------------ -------------------------------------- ----------------------------------
Q1 Q1 Change Q1 Change
2018 2017 2017
----------------- ------------ ------------ ------------------------ ----------- ---------------------
RevPAR GBP68.48 GBP70.66 GBP(2.18) (3.1)% GBP66.35 GBP2.13 3.2%
----------------- ------------ ------------ ------------- --------- ----------- ---------- ---------
Revenue -
total GBP217m GBP223m GBP(6)m (2.7)% GBP210m GBP7m 3.3%
----------------- ------------ ------------ ------------- --------- ----------- ---------- ---------
Revenue -
hotel GBP187m GBP191m GBP(4)m (2.1)% GBP180m GBP7m 3.9%
----------------- ------------ ------------ ------------- --------- ----------- ---------- ---------
Profit before
tax GBP26m GBP13m GBP13m 100.0% GBP13m GBP13m 100.0%
----------------- ------------ ------------ ------------- --------- ----------- ---------- ---------
-- Group RevPAR for the first quarter of 2018 fell by 3.1% to
GBP68.48 (Q1 2017: GBP70.66). In constant currency, RevPAR
increased by 3.2%.
-- Reported hotel revenue decreased by 2.1% to GBP187m (Q1 2017:
GBP191m). Exchange loss arising from the stronger pound was GBP11m
and this reduced the Group's reported hotel revenue.
-- London performance was affected by the partial closure
to-date of the Millennium Hotel London Mayfair during
refurbishment, which is normally a significant revenue contributor
for the region, together with slower trading at other London
hotels.
-- In constant currency, hotel revenue increased by 3.9% with
higher contributions from Millennium Hilton New York One UN Plaza
(re-branded in August 2017) and M Social Auckland (opened in
October 2017).
-- Total revenue for Q1 2018 fell by GBP6m or 2.7% to GBP217m
(Q1 2017: GBP223m), including foreign exchange loss of GBP13m.
-- Profit before tax for the first quarter of 2018 increased by
GBP13m to GBP26m (Q1 2017: GBP13m). Included in the Group pre-tax
profit for this quarter is the gain from the disposal of two
Australian hotels that were owned by CDL Hospitality Trusts
("CDLHT") of GBP3m. The Group also benefitted from the higher
profit contributions from CDLHT and First Sponsor Group Limited
("FSGL"), an associated company, with the total contributions being
GBP3m higher than last year.
-- Net finance cost for this quarter was lower than the
corresponding period last year, mainly due to the absence of a
foreign exchange loss of GBP4m arising from CDLHT's loan
repayment.
Mr Kwek Leng Beng, Chairman commented:
"Performance over the first three months of the year was mixed.
London declined and Europe is showing indications of weakness,
whilst our Millennium Broadway New York hotel continues to hold
back overall trading performance in New York. More positively, Asia
showed some signs of a recovery and New Zealand continued to
perform well. We are on track to move forward on a number of
significant capital investment projects this year, designed to
improve returns on Group assets. We also remain alert to
acquisition opportunities.
Following the close of the first quarter the Group announced the
appointment of Jennifer Fox as Group Chief Executive Officer. Ms
Fox, who will join the Group on 19 June 2018, has 30 years of
experience in the global hospitality industry and has held senior
executive roles in operations, branding and marketing across
mid-scale, upscale and luxury segments of the industry."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0)
2078722444
Tan Kian Seng, Interim Group Chief Executive Officer
Kok-Kee Chong, Chief Financial Officer
Jonathon Grech, Group General Counsel and Company Secretary
Peter Krijgsman, Financial Communications (Media)
FINANCIAL PERFORMANCE
For the three months ended 31 March 2018, reported revenue
decreased by 2.7% to GBP217m (Q1 2017: GBP223m). However on a
constant currency basis, Group revenue increased by 3.3%. This is
due to foreign exchange loss of GBP13m as a result of the stronger
pound against major currencies in Q1 2018 versus to the same period
last year.
Reported Currency Constant Currency
----------------- ---------- ------------------------------ ------------------------------
Q1 2017 Change Q1 2017 Change
GBPm GBPm
----------------- ---------- ------------------ ---------- ------------------
Q1 2018 GBPm %
GBPm GBPm %
----------------- ---------- ---------- ------- --------- ---------- ------- ---------
Hotel 187 191 (4) (2.1) 180 7 3.9
----------------- ---------- ---------- ------- --------- ---------- ------- ---------
Property 14 18 (4) (22.2) 17 (3) (17.6)
----------------- ---------- ---------- ------- --------- ---------- ------- ---------
REIT 16 14 2 14.3 13 3 23.1
----------------- ---------- ---------- ------- --------- ---------- ------- ---------
Total Revenue 217 223 (6) (2.7) 210 7 3.3
----------------- ---------- ---------- ------- --------- ---------- ------- ---------
In constant currency, hotel revenue increased by GBP7m or 3.9%
mainly driven by higher contributions from Millennium Hilton New
York One UN Plaza which was re-branded in August 2017, and M Social
Auckland which opened in October 2017. However, cost pressures
continued to persist in the Group's New York hotels, impacting
their profitability.
Property revenue was down by GBP3m or 17.6% due principally to
the lower land sales in New Zealand during this quarter. REIT
revenue increased by GBP3m or 23.1% due to contribution from newly
acquired hotels.
HOTEL OPERATIONS
For comparability, the following performance review is based on
calculations in constant currency whereby 31 March 2017 hotel
revenue, RevPAR and average room rates have been translated at
average exchange rates for the first three months ended 31 March
2018.
In constant currency, Group RevPAR increased by 3.2% for the
first quarter ended 31 March 2018. Occupancy was down by 0.5%
points and average room rate increased by 3.9%. On a like-for-like
basis, excluding new hotels and those impacted by refurbishment or
closures, Group RevPAR increased by 3.5% compared to the same
period last year.
RevPAR Occupancy Average Room
Rate
------------------------- ----------------------- -------------------------
Q1 2018 Q1 #Q1 Q1 Q1 Q1 #Q1
2018 2017 Change 2018 2017 Change 2018 2017 Change
GBP GBP % % % %pts GBP GBP %
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
New York 106.22 99.22 7.1 75.2 72.0 3.2 141.16 137.75 2.5
Regional
US 45.79 44.86 2.1 50.7 52.4 (1.7) 90.39 85.68 5.5
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total US 65.69 62.76 4.7 58.8 58.8 - 111.80 106.67 4.8
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
London 78.72 86.90 (9.4) 69.3 76.4 (7.1) 113.66 113.70 -
Rest of
Europe 47.18 44.88 5.1 64.7 64.2 0.5 72.95 69.85 4.4
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Europe 63.35 66.16 (4.2) 67.0 70.4 (3.4) 94.51 93.96 0.6
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Singapore 82.32 81.45 1.1 86.6 87.4 (0.8) 95.01 93.21 1.9
Rest of
Asia 58.74 56.11 4.7 63.0 62.2 0.8 93.22 90.21 3.3
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Asia 67.87 65.92 3.0 72.2 71.9 0.3 94.06 91.62 2.7
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Australasia 88.14 79.33 11.1 91.2 90.5 0.7 96.65 87.65 10.3
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Group 68.48 66.35 3.2 68.6 69.1 (0.5) 99.80 96.06 3.9
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
# In constant currency whereby 31 March 2017 RevPAR and average
room rates have been translated at average exchange rates for the
first quarter ended 31 March 2018.
US
RevPAR for the US region grew by 4.7%, driven principally by the
increase in average room rate. New York RevPAR increased by 7.1%
after the transfer of management of One UN to Hilton in August 2017
and its re-branding as Millennium Hilton New York One UN Plaza.
Regional US RevPAR grew by 2.1%, contributed mainly by
Millennium Biltmore Hotel Los Angeles which had secured business
relating to the NBA All-Star event held in February 2018.
Europe
Europe RevPAR dropped by 4.2%, with occupancy down by 3.4%
points and a small increase of 0.6% in average room rate. London
RevPAR decreased by 9.4% mainly due to the refurbishment of the
336-room Millennium Hotel London Mayfair which started in November
2017. Rooms were removed from the inventory and as at 31 March
2018, the hotel was trading based on 159 rooms. RevPAR for the Rest
of Europe was up by 5.1%.
Excluding Millennium Hotel London Mayfair and Millennium Hotel
Glasgow where 56 rooms were permanently removed from the hotel in
connection with the redevelopment of Queen Street Station, Europe
RevPAR decreased by 0.3%. On the same basis, RevPAR for London
decreased by 3.1% and Rest of Europe increased by 4.3%.
Asia
RevPAR for Asia increased by 3.0% driven by 2.7% increase in
average room rate and 0.3% points increase in occupancy. Singapore
RevPAR was up by 1.1% as a result of a 1.9% increase in average
room rate offset by 0.8% points decrease in occupancy.
RevPAR for Rest of Asia grew by 4.7% with average room rate up
by 3.3% and occupancy up by 0.8% points. Millennium Seoul Hilton
benefited from increased demand during the recent Winter Olympics.
Grand Hyatt Taipei also performed better this quarter due to growth
in the number of group meetings.
Australasia
Australasia RevPAR grew by 11.1% led by a significant
contribution from M Social Auckland which opened in October 2017.
Excluding M Social Auckland and Millennium New Plymouth which was
acquired in February 2018, the increase in RevPAR was 7.8%.
Acquisition
On 1 February 2018, the Group acquired The Waterfront Hotel in
New Plymouth, New Zealand, for a purchase consideration of NZ$11m
(GBP6m). The iconic 42-room hotel was re-branded Millennium New
Plymouth after the acquisition.
Disposal
On 11 January 2018, CDLHT completed the divestment of two hotels
in Australia, the Mercure Brisbane and Ibis Brisbane for A$77m
(GBP44m) and a gain of GBP3m was recognised by the Group.
Developments
The construction of a 263-room hotel and a 250-unit residential
apartment block on 35,717m(2) mixed use freehold landsite at
Sunnyvale, California is planned to start this year. The
construction cost is now estimated at around US$200m (GBP141m)
after changes to the earlier design.
The necessary building approvals for the Yangdong development
project in Seoul have been obtained, but further review for the
most optimal and efficient design is still being carried out before
commencing the construction works. The current development cost is
estimated to be KRW157b (GBP103m) for the construction of a
306-room hotel and a 209-unit serviced apartment complex, as
previously announced, and will be further updated once the review
process is finalised.
Hotel refurbishments
The refurbishment work costing around GBP40m at Millennium Hotel
London Mayfair started in November 2017. It is proceeding to-date
as a phased project whereby guest-rooms are taken out from the
inventory in stages. Completion of guest room refurbishment is
expected to complete in the fourth quarter, followed by
refurbishment of the lobby and public areas.
Refurbishment plans for Millennium Hotel London Knightsbridge
are under review. The Group also plans to spend about US$80m
(GBP56m) to upgrade its New York properties over the next two
years.
Other Group operations
Joint ventures and associates contributed GBP5m to pre-tax
profit in 2018 (Q1 2017: GBP4m). The Group has an effective
interest of 36% in First Sponsor Group Limited ("FSGL"), which is
listed on the Singapore Exchange and reports its results
independently.
On 11 January 2018, a partnership comprised of a subsidiary of
FSGL together with subsidiaries of CDL and another substantial
shareholder of FSGL acquired a 300-room hotel currently operated by
a tenant as the "Le Meridien Frankfurt" situated in Frankfurt for
EUR79m (GBP70m), excluding certain transaction related expenses. On
1 February 2018, FSGL together with four other co-investors
acquired all the issued shares of Hotelmaatschappij Rotterdam B.V
which owns the 254-room Hilton Rotterdam Hotel in the Netherlands
for EUR51m (GBP45m). Following the completion of the transaction,
FSGL owns 24.7% interest in the acquired company.
In April 2018, the Group subscribed for its full entitlement of
FSGL's rights issue of new perpetual convertible capital securities
("PCCS") for a total cost of S$58.2m (GBP31m) and the PCCS were
allotted on 19 April 2018.
Board changes
Christian de Charnacé was appointed to the Audit Committee with
effect from 23 March 2018. The Audit and Risk Committees are to be
amalgamated immediately following the Company's 2018 Annual General
Meeting, with the members of the Risk Committee relinquishing their
roles at that time. Jennifer Fox has been appointed as the Group
Chief Executive Officer and a member of the Board of Directors, and
will join the Company on 19 June 2018.
Current trading
In the first 21 days of trading in April 2018, Group RevPAR in
constant currency decreased by 2.8%. RevPAR for London was down by
16.6%, New York down by 2.8%, Regional US down by 3.2%, Singapore
down by 6.7%, Rest of Europe up by 9.7%, Rest of Asia up by 0.1%
and Australasia up by 10.4%.
Excluding Millennium Hotel Glasgow (116 rooms reduced to 60
rooms from July 2017), M Social Auckland (opened October 2017),
Millennium Hotel London Mayfair (refurbishment commenced in
November 2017) and Millennium New Plymouth NZ (acquired in February
2018), like-for-like Group RevPAR dropped by 1.3% with London down
by 6.3%, Rest of Europe up by 9.3% and Australasia up by 8.0%.
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 2018
First First Full
Quarter Quarter Year
2018 2017 2017
Unaudited Unaudited Audited
GBPm GBPm GBPm
Revenue 217 223 1,008
Cost of sales (101) (105) (431)
--------------------------------------------------- ------------ ------------ ----------
Gross profit 116 118 577
Administrative expenses (95) (101) (415)
Other operating income 3 - 30
Other operating expense - - (47)
Operating profit 24 17 145
Share of profit of joint ventures and associates 5 4 22
Finance income 6 3 11
Finance expense (9) (11) (31)
--------------------------------------------------- ------------ ------------ ----------
Net finance expense (3) (8) (20)
Profit before tax 26 13 147
Income tax (expense)/credit (4) (2) 12
--------------------------------------------------- ------------ ------------ ----------
Profit for the period 22 11 159
--------------------------------------------------- ------------ ------------ ----------
Attributable to:
Equity holders of the parent 8 3 124
Non-controlling interests 14 8 35
--------------------------------------------------- ------------ ------------ ----------
22 11 159
-------------------------------------------------- ------------ ------------ ----------
The financial results above were derived from continuing
activities.
Condensed consolidated statement of financial position
(unaudited)
as at 31 March 2018
As at As at As at
31 March 31 March 31 Dec
2018 2017 2017
Unaudited Unaudited Audited
GBPm GBPm GBPm
------------------------------- ------------ ------------ ----------
Non-current assets
Property, plant and equipment 3,035 3,277 3,129
Lease premium prepayment 100 108 103
Investment properties 565 551 577
Investment in joint ventures
and associates 321 323 324
4,021 4,259 4,133
------------------------------- ------------ ------------ ----------
Current assets
Inventories 4 5 4
Development properties 107 90 93
Lease premium prepayment 2 2 2
Trade and other receivables 84 93 88
Cash and cash equivalents 356 354 354
553 544 541
Assets held for sale - - 41
-------------------------------- ------------ ------------ ----------
553 544 582
------------------------------- ------------ ------------ ----------
Total assets 4,574 4,803 4,715
-------------------------------- ------------ ------------ ----------
Non-current liabilities
Interest-bearing loans,
bonds and borrowings (788) (966) (791)
Employee benefits (17) (23) (19)
Provisions (9) (9) (9)
Other non-current liabilities (17) (14) (13)
Deferred tax liabilities (182) (219) (188)
-------------------------------- ------------ ------------ ----------
(1,013) (1,231) (1,020)
------------------------------- ------------ ------------ ----------
Current liabilities
Interest-bearing loans,
bonds and borrowings (186) (98) (213)
Trade and other payables (202) (228) (208)
Provisions (2) (1) (2)
Income taxes payable (18) (31) (23)
(408) (358) (446)
------------------------------- ------------ ------------ ----------
Total liabilities (1,421) (1,589) (1,466)
-------------------------------- ------------ ------------ ----------
Net assets 3,153 3,214 3,249
-------------------------------- ------------ ------------ ----------
Equity
Issued share capital 97 97 97
Share premium 843 843 843
Translation reserve 356 569 431
Treasury share reserve (4) (4) (4)
Retained earnings 1,316 1,201 1,309
Total equity attributable
to equity holders of the
parent 2,608 2,706 2,676
Non-controlling interests 545 508 573
-------------------------------- ------------ ------------ ----------
Total equity 3,153 3,214 3,249
-------------------------------- ------------ ------------ ----------
Segment results
Q1 2018
Rest Rest Central
New Regional of Singapore of Costs Total
York US London 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
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Q1 2017
Rest Rest Central
New Regional of Singapore of Costs Total
York US London Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Revenue
Hotel 26 29 25 14 33 41 23 - 191
Property operations - 1 - - 1 2 14 - 18
REIT - - - 2 4 6 2 - 14
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Total revenue 26 30 25 16 38 49 39 - 223
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel gross operating
profit/(loss) (5) 2 10 1 14 13 12 - 47
Hotel fixed charges
(1) (8) (6) (5) (2) (2) (10) (1) - (34)
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel operating
profit/(loss) (13) (4) 5 (1) 12 3 11 - 13
Property operating
profit - - - - 1 2 6 - 9
REIT operating
profit/(loss) - - - - (1) 2 2 - 3
Central costs - - - - - - - (8) (8)
Operating
profit/(loss) (13) (4) 5 (1) 12 7 19 (8) 17
Share of joint
ventures and
associates profit - - - 1 - 3 - - 4
Add: Depreciation
and amortisation 2 3 2 1 3 6 1 1 19
EBITDA (2) (11) (1) 7 1 15 16 20 (7) 40
Less: Depreciation
and amortisation (19)
Net finance expense (8)
Profit before
tax 13
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, amortisation of
lease premium prepayments, property rent, taxes and insurance,
operating lease rentals 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 2018
Q1 2018 Q1 2017 Q1 2017 FY 2017
Reported Constant Reported Reported
Owned or leased hotels* currency currency currency currency
------------------------ ------------- --------- --------- -------------
Occupancy (%)
New York 75.2 72.0 85.3
Regional US 50.7 52.4 60.0
------------------------ ------------- --------- --------- -------------
Total US 58.8 58.8 68.3
------------------------ ------------- --------- --------- -------------
London 69.3 76.4 83.0
Rest of Europe 64.7 64.2 70.5
------------------------ ------------- --------- --------- -------------
Total Europe 67.0 70.4 76.9
------------------------ ------------- --------- --------- -------------
Singapore 86.6 87.4 85.6
Rest of Asia 63.0 62.2 66.4
------------------------ ------------- --------- --------- -------------
Total Asia 72.2 71.9 73.9
------------------------ ------------- --------- --------- -------------
Australasia 91.2 90.5 81.2
------------------------ ------------- --------- --------- -------------
Total Group 68.6 69.1 73.5
------------------------ ------------- --------- --------- -------------
Average Room Rate
(GBP)
New York 141.16 137.75 154.33 193.18
Regional US 90.39 85.68 96.00 103.23
------------------------ ------------- --------- --------- -------------
Total US 111.80 106.67 119.51 140.23
------------------------ ------------- --------- --------- -------------
London 113.66 113.70 113.70 132.47
Rest of Europe 72.95 69.85 69.27 76.16
------------------------ ------------- --------- --------- -------------
Total Europe 94.51 93.96 93.69 107.15
------------------------ ------------- --------- --------- -------------
Singapore 95.01 93.21 97.10 97.91
Rest of Asia 93.22 90.21 94.34 96.93
------------------------ ------------- --------- --------- -------------
Total Asia 94.06 91.62 95.64 97.37
------------------------ ------------- --------- --------- -------------
Australasia 96.65 87.65 96.20 90.01
------------------------ ------------- --------- --------- -------------
Total Group 99.80 96.06 102.30 112.68
------------------------ ------------- --------- --------- -------------
RevPAR (GBP)
New York 106.22 99.22 111.16 164.84
Regional US 45.79 44.86 50.25 61.90
------------------------ ------------- --------- --------- -------------
Total US 65.69 62.76 70.31 95.79
------------------------ ------------- --------- --------- -------------
London 78.72 86.90 86.90 109.98
Rest of Europe 47.18 44.88 44.51 53.66
------------------------ ------------- --------- --------- -------------
Total Europe 63.35 66.16 65.97 82.35
------------------------ ------------- --------- --------- -------------
Singapore 82.32 81.45 84.84 83.83
Rest of Asia 58.74 56.11 58.68 64.39
------------------------ ------------- --------- --------- -------------
Total Asia 67.87 65.92 68.81 71.91
------------------------ ------------- --------- --------- -------------
Australasia 88.14 79.33 87.07 73.06
------------------------ ------------- --------- --------- -------------
Total Group 68.48 66.35 70.66 82.78
------------------------ ------------- --------- --------- -------------
Gross Operating Profit
Margin (%)
New York (15.4) (17.9) 15.1
Regional US 7.4 8.2 21.2
------------------------ ------------- --------- --------- -------------
Total US (3.6) (4.1) 18.0
------------------------ ------------- --------- --------- -------------
London 34.5 41.3 49.5
Rest of Europe 12.8 9.2 22.2
------------------------ ------------- --------- --------- -------------
Total Europe 25.8 29.6 39.6
------------------------ ------------- --------- --------- -------------
Singapore 40.2 40.8 40.5
Rest of Asia 32.3 30.2 34.1
------------------------ ------------- --------- --------- -------------
Total Asia 35.8 35.0 36.9
------------------------ ------------- --------- --------- -------------
Australasia 54.5 54.2 49.1
------------------------ ------------- --------- --------- -------------
Total Group 25.2 24.7 32.2
------------------------ ------------- --------- --------- -------------
For comparability, the 31 March 2017 Average Room Rate and
RevPAR have been translated at average exchange rates for the three
months ended 31 March 2018.
* excluding managed, franchised and investment hotels.
APPIX 2: HOTEL ROOM COUNT AND PIPELINE
as at 31 March 2018
Hotels Rooms
Hotel and 31 March 31 December Change 31 March 31 December Change
room count 2018 2017 2018 2017
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
region:
New York 4 4 - 2,238 2,238 -
Regional US 15 15 - 4,559 4,559 -
London 8 8 - 2,644 2,649 (5)
Rest of Europe 21 21 - 3,528 3,528 -
Middle East 31 31 - 10,346 10,346 -
Singapore 7 7 - 3,011 3,011 -
Rest of Asia 25 25 - 9,236 9,240 (4)
Australasia 24 25 (1) 3,461 3,831 (370)
------------------ --------- ------------ ------- --------- ------------ -------
Total 135 136 (1) 39,023 39,402 (379)
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
ownership
type:
Owned or Leased 67 66 1 19,710 19,672 38
Managed 15 15 - 3,775 4,098 (323)
Franchised 38 38 - 11,300 10,982 318
Investment 15 17 (2) 4,238 4,650 (412)
------------------ --------- ------------ ------- --------- ------------ -------
Total 135 136 (1) 39,023 39,402 (379)
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
brand:
Grand Millennium 9 9 - 3,733 3,734 (1)
Millennium 53 52 1 17,452 17,415 37
Copthorne 33 33 - 6,469 6,469 -
Kingsgate 7 7 - 671 671 -
Other M&C 15 15 - 4,838 4,838 -
Third Party 18 20 (2) 5,860 6,275 (415)
------------------ --------- ------------ ------- --------- ------------ -------
Total 135 136 (1) 39,023 39,402 (379)
------------------ --------- ------------ ------- --------- ------------ -------
Hotels Rooms
Pipeline 31 March 31 December Change 31 March 31 December Change
2018 2017 2018 2017
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
region:
Middle East 10 10 - 3,239 3,239 -
Asia 5 4 1 1,736 1,594 142
Regional US 1 1 - 263 263 -
Rest of Europe 1 1 - 184 184 -
Australasia - 1 (1) - 42 (42)
Total 17 17 - 5,422 5,322 100
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
ownership
type:
Managed 4 3 1 1,194 1,052 142
Franchised 11 11 - 3,423 3,423 -
Owned 2 3 (1) 805 847 (42)
Total 17 17 - 5,422 5,322 100
------------------ --------- ------------ ------- --------- ------------ -------
Analysed by
brand:
Grand Millennium 1 1 - 251 251 -
Millennium 9 9 - 2,889 2,789 100
Copthorne 2 2 - 666 666 -
Other M&C 5 5 - 1,616 1,616 -
Total 17 17 - 5,422 5,322 100
------------------ --------- ------------ ------- --------- ------------ -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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