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Takeover target M&C Hotels reports higher rooms revenue
October 30, 2017 / 7:38 AM / 2 months ago

Takeover target M&C Hotels reports higher rooms revenue

Oct 30 (Reuters) - Millennium & Copthorne Hotels (M&C), which has received a takeover proposal that values it at 1.8 billion pounds ($2.36 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 percent to 82.41 million pounds 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 percent.

Several shareholders have criticised Singapore-based CDL’s 552.5 pence per share cash proposal to buy the 34.8 percent stake it does not own, but M&C’s board has said it will back a formal bid at that level.

$1 = 0.7614 pounds Reporting by Esha Vaish in Bengaluru; editing by Jason Neely

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