Millennium & Copthorne Hotels saw 2010 pre-tax profits rise by 57% to £128.6 million with revenue increasing by 10% to £743.7million.
Reporting annual financial results today, chairman Kwek Leng Beng said: “The economic outlook is more favourable than this time last year, although some uncertainty remains.”
Average group revenue per available room (RevPAR) for the year was £61.06, an increase of 10.7% over 2009. The strongest RevPAR improvement was in Singapore (up 29.3%).
London (up 7.9%) was described as being more stable having experienced only a small drop (2.5%) in RevPAR during 2009. New York was up 8.8%, compared to 2009.
“General economic recovery played a key role in our improved performance,” the company said. “However it was also driven by a dynamic combination of local rate and occupancy strategies that varied throughout the year according to general economic conditions and local factors.
“On a consolidated basis, occupancy contributed 46.7% of RevPAR growth whilst rate produced 53.3%.”