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Takeover target M&C Hotels reports higher rooms revenue
[BENGALURU] Millennium & Copthorne Hotels (M&C), which has received a takeover proposal that values it at £1.8 billion (S$3.23 billion) from shareholder City Developments (CDL), reported higher nine-month rooms revenue boosted by strong growth in New York.
Reported revenue per available room (RevPAR) rose 11.5 per cent to £82.41 million for the nine months to Sept 30, the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said.
Excluding deals, closures and currency movements, RevPAR was up 1.4 per cent.
Several shareholders have criticised Singapore-based CDL's 552.5 pence per share cash proposal to buy the 34.8 per cent stake it does not own, but M&C's board has said it will back a formal bid at that level.