MILLENNIUMand Copthorne Hotels is still pursuing acquisition or management contract opportunities despite uncertain economic conditions in its key UKmarket.
Chairman Kwek Leng Beng said:”At most there will be a short-term dip followed by further growth.
“In the UK, although there has been some softening in the marketplace, the effect currently falls well short of a recessionary position and the reductions in interest rates should strengthen the economy and reduce the cost of business.”
The group’s business travel director Fiona Morgansaid the focus for expansion was the US where it currently only has the Millennium Broadway and the Plaza in New York.
Millennium and Copthorne unveiled its future strategy as it revealed pre-tax profit up 20% to ú60.4m for the year ended December 31.
n ThistleHotels claims business has improved in the first eight weeks of this year compared to the final quarter of 1998. Announcing a rise in pre-tax profits of 9.2% to ú86.6m, acting chairman Charles Mackay said: “We will improve our performance.”