TIDMMLC
RNS Number : 5874Y
Millennium & Copthorne Hotels PLC
10 May 2019
For Immediate Release 10 May 2019
MILLENNIUM & COPTHORNE HOTELS PLC
TRADING UPDATE
First quarter results to 31 March 2019
LEI: 2138003EQ104LZ1JNH19
Highlights for 1(st) quarter 2019:
Reported Currency Constant Currency
Q1 Q1 Change Q1 Change
2019 2018 2018
------------ ------------------------ ----------- ------------------------
RevPAR GBP70.01 GBP68.48 GBP1.53 2.2% GBP70.65 GBP(0.64) (0.9)%
------------ ------------ ------------ ---------- ----------- ------------ ----------
Revenue - total GBP215m GBP217m GBP(2)m (0.9)% GBP224m GBP(9)m (4.0)%
------------ ------------ ------------ ---------- ----------- ------------ ----------
Revenue - hotel GBP187m GBP187m - - GBP193m GBP(6)m (3.1)%
------------ ------------ ------------ ---------- ----------- ------------ ----------
Profit before
tax GBP11m GBP26m GBP(15)m (57.7)% GBP26m GBP(15)m (57.7)%
------------ ------------ ------------ ---------- ----------- ------------ ----------
* Like-for-like comparisons exclude the impact of acquisitions,
closures and refurbishments; and they are stated in constant
currency terms.
-- Group RevPAR in constant currency for Q1 2019 decreased by
0.9% to GBP70.01 (Q1 2018: GBP70.65). Like-for-like* Group RevPAR
decreased by 0.8%. Like-for-like* comparison excludes the Mayfair
hotel and Millennium New Plymouth New Zealand.
-- Operating performance was negatively impacted by
refurbishment affecting major hotels in two of the Group's key
gateway cities - London and Singapore. The Mayfair London property
was partially closed in November 2017 and then fully closed in July
2018. The Orchard Hotel in Singapore has been under phased
refurbishment since middle 2017.
-- Total revenue in constant currency decreased by GBP9m, driven mainly by the impact of hotel refurbishment and lower contributions from the REIT hotels and property income.
-- Pre-tax profit in constant currency for Q1 2019 decreased by
GBP15m to GBP11m (Q1 2018: GBP26m). Profit was impacted by the
Mayfair property refurbishment and lower contributions from Asian
hotels, principally due to the Orchard Hotel Singapore
refurbishment. In addition, REIT profit contributions were down by
GBP3m and net finance cost was higher by GBP5m. In Q1 last year,
CDL Hospitality Trusts recognised GBP3m profit from divestment of
its two Australian properties.
-- Management is in the final stage of discussions with Hilton
regarding the Group's operation of the newly renamed Millennium
Times Square New York, formerly known as the Millennium Broadway
New York Times Square, as an affiliate of Hilton, with access to
its reservation channels and loyalty programme.
-- For the first 21 days of April 2019, like-for-like* Group RevPAR increased by 2.2%.
Mr Kwek Leng Beng, Chairman, commented:
"Despite the uncertainties and challenges in the global economy,
we remain focused on making the best use of our hospitality assets.
The Group is prioritising the refurbishment of our key gateway city
properties to reposition our hotels, whilst seeking to minimise the
short-term negative impact on our trading results. Operationally,
we must successfully manage the refurbishment process and re-focus
our sales efforts so as to improve yields. To that end, the
affiliation agreement with Hilton for the Millennium Times Square
New York will allow us to continue to manage one of our most
significant hotels and help us to turn around the performance of
the hotel more quickly."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0) 20
78722444
Tan Kian Seng, Interim Group Chief Executive Officer
Kok-Kee Chong, Chief Financial Officer
Jonathon Grech, Group General Counsel and Company Secretary
David Allchurch, Tulchan Communications LLP Tel: +44 (0) 20
73534200
FINANCIAL PERFORMANCE
Reported Currency Constant Currency
Q1 2018 Change Q1 2018 Change
GBPm GBPm
---------- ----------------- ---------- ------------------
Q1 2019 GBPm %
GBPm GBPm %
---------- ------- -------- ---------- ------- ---------
Hotel 187 187 - - 193 (6) (3.1)
---------- ---------- ------- -------- ---------- ------- ---------
Property 13 14 (1) (7.1) 14 (1) (7.1)
---------- ---------- ------- -------- ---------- ------- ---------
REIT 15 16 (1) (6.3) 17 (2) (11.8)
---------- ---------- ------- -------- ---------- ------- ---------
Total Revenue 215 217 (2) (0.9) 224 (9) (4.0)
---------- ---------- ------- -------- ---------- ------- ---------
For Q1 2019, hotel revenue in constant currency was down by
GBP6m or 3.1% compared to the same period last year. Impact from
Mayfair hotel closure was GBP3m.
Property revenues were lower by GBP1m or 7.1% in Q1 2019 as
compared to last year due principally to lower sales of residential
sections in New Zealand.
HOTEL OPERATIONS
For comparability, the following performance review is based on
calculations in constant currency whereby 31 March 2018 RevPAR and
average room rates have been translated at average exchange rates
for the period ended 31 March 2019.
In constant currency, Group RevPAR decreased by 0.9% to GBP70.01
for the first quarter ended 31 March 2019. Average room rate was
down 1.6% and occupancy increased by 0.5% points. Like-for-like
Group RevPAR decreased by 0.8% compared to the same period last
year.
RevPAR Occupancy Average Room Rate
Q1 2019 Q1 2019 #Q1 2018 Change Q1 2019 Q1 2018 Change Q1 2019 #Q1 2018 Change
GBP GBP % % % %pts GBP GBP %
-------- -------- -------- ------- -------- --------- -------
New York 111.69 113.42 (1.5) 76.9 75.2 1.7 145.33 150.73 (3.6)
Regional
US 48.17 48.89 (1.5) 51.5 50.7 0.8 93.50 96.52 (3.1)
-------- --------- ------- -------- -------- ------- -------- --------- -------
Total US 69.17 70.14 (1.4) 59.9 58.8 1.1 115.48 119.38 (3.3)
-------- --------- ------- -------- -------- ------- -------- --------- -------
London 82.93 78.72 5.3 73.7 69.3 4.4 112.53 113.66 (1.0)
Rest of
Europe 45.15 47.04 (4.0) 62.8 64.7 (1.9) 71.86 72.72 (1.2)
-------- --------- ------- -------- -------- ------- -------- --------- -------
Total Europe 63.07 63.28 (0.3) 68.0 67.0 1.0 92.78 94.40 (1.7)
-------- --------- ------- -------- -------- ------- -------- --------- -------
Singapore 83.40 85.49 (2.4) 86.5 86.6 (0.1) 96.45 98.67 (2.2)
Rest of
Asia 57.83 59.85 (3.4) 62.2 63.0 (0.8) 92.90 94.98 (2.2)
-------- --------- ------- -------- -------- ------- -------- --------- -------
Total Asia 67.73 69.78 (2.9) 71.6 72.2 (0.6) 94.56 96.70 (2.2)
-------- --------- ------- -------- -------- ------- -------- --------- -------
Australasia 90.71 88.80 2.2 91.3 91.2 0.1 99.34 97.37 2.0
-------- --------- ------- -------- -------- ------- -------- --------- -------
Total Group 70.01 70.65 (0.9) 69.1 68.6 0.5 101.27 102.96 (1.6)
-------- --------- ------- -------- -------- ------- -------- --------- -------
# In constant currency whereby 31 March 2018 RevPAR and average
room rates have been translated at average exchange rates for the
first quarter ended 31 March 2019.
US
US RevPAR for Q1 2019 decreased by 1.4% to GBP69.17 (Q1 2018:
GBP70.14). Average room rate dropped by 3.3% and occupancy
increased by 1.1% points.
New York RevPAR fell by 1.5% to GBP111.69 (Q1 2018: GBP113.42)
due to decrease in room rates by 3.6%; offset partially by increase
in occupancy of 1.7% points. Regional US also has the same trend
with a 1.5% decrease in RevPAR during Q1 2019.
The US federal government shutdown and Polar Vortex during
January this year have negatively impacted demand, especially
corporate transient and group travels. There were also two major
non-repeat citywide events in Los Angeles and Minneapolis that took
place during Q1 last year.
Europe
Europe RevPAR during Q1 2019 fell slightly by 0.3% principally
due to the lower room rates.
London RevPAR increased by 5.3% to GBP82.93 (Q1 2018: GBP78.72).
Occupancy increased by 4.4% points. Average room rate fell by 1.0%
during Q1 2019. The Mayfair hotel, which has been closed for
refurbishment since July 2018, is anticipated to re-open in
mid-2019. Like-for-like London RevPAR excluding the Mayfair hotel
increased by 4.9% with average room rate up by 5.1% and occupancy
down slightly by 0.1% point. The higher average room rate was due
to the substitution of a portion of the air crew business with
higher price retail business at premium properties.
RevPAR for Rest of Europe dropped by 4.0% with decreases in both
occupancy and average room rate of 1.9% points and 1.2%
respectively.
Asia
Asia RevPAR during Q1 2019 decreased by 2.9% to GBP67.73 (Q1
2018: GBP69.78) due to decreases in both occupancy and average room
rates of 0.6% points and 2.2% respectively.
Singapore RevPAR decreased by 2.4%. Occupancy was down slightly
by 0.1% point. Average room rate was also down by 2.2%. The Group's
hotels in Singapore continued to suffer from weaker demand from the
corporate sector. The refurbishment work at Orchard Hotel involving
guest rooms and public areas has also negatively affected the
region's performance. There were certain non-repeat events such as
Singapore Airshow and government meetings that took place last
year.
Australasia
RevPAR for New Zealand during Q1 2019 increased by 2.2% with
increases in both occupancy and average room rate of 0.1% point and
2.0% respectively.
Excluding Millennium New Plymouth which was acquired in February
last year, like-for-like Australasia RevPAR grew by 2.3%. The three
top contributors were Kingsgate Hotel Te Anau, M Social Auckland
and Millennium Hotel Queenstown.
Developments
The Sunnyvale California project comprises the construction of a
263-room hotel and a 250-unit residential apartment block on
35,717m(2) mixed use freehold landsite. The ground-breaking
ceremony was held on 16 October 2018. Construction of the apartment
element will commence first and the whole project is expected to
complete in Q1 2021. The hotel will be branded as M Social to fit
with the expected guest profile. Total construction cost is
estimated at US$180m (GBP136m).
Architecture and engineering designs in relation to the
construction of a 300-room hotel and a 250-unit serviced apartment
complex on Yangdong development land, situated adjacent to
Millennium Seoul Hilton, are still to be finalised. Total
construction cost is anticipated to be around KRW130b (GBP87m).
Hotel refurbishments
The on-going refurbishment work at the Mayfair hotel which is
now renamed The Biltmore, Mayfair, is expected to complete in
mid-2019. The hotel will have 257 luxurious guest rooms plus 51
designer suites.
The refurbishment work of the public areas at the Orchard Hotel
has substantially completed, with the ground floor lobby and
F&B outlets completed in December last year and the ballroom
and meeting spaces completed in March this year. The refurbishment
of the 260 units of guestrooms at the Orchard Wing is currently
still in progress, with 7 out of 11 floors completed. The remaining
4 floors are targeted to complete in Q2 2019.
Disposals
During Q1 last year, CDLHT disposed of its investment in two
hotels in Australia, the Mercure Brisbane and Ibis Brisbane for
A$77m (GBP45m) generating a profit of GBP3m.
Board & management changes
As previously announced, Mrs Vicky Williams will be joining
M&C's Board of Directors as an independent Non-Executive
Director immediately following the Company's Annual General Meeting
scheduled on 10 May 2019. Ms Paola Bergamaschi Broyd joined the
Board as an independent Non-Executive Director on 21 March
2019.
The search for a permanent Group Chief Executive Officer is
on-going.
New accounting standard
The Group adopted "IFRS 16 Leases" with effect from 1 January
2019 using modified retrospective approach. IFRS 16 results in
lessees accounting for operating leases within the scope of the
standard in a manner similar to the way in which finance leases are
currently accounted for under IAS 17 Leases. Lessees will recognise
a 'right of use' ("ROU") asset and a corresponding financial
liability on the balance sheet. The asset will be amortised over
the period of the lease and the financial liability measured at
amortised cost.
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 2019
First First Full
Quarter Quarter Year
2019 2018 2018
Unaudited Unaudited Audited
GBPm GBPm GBPm
Revenue 215 217 997
Cost of sales (102) (101) (436)
-------------------------------------------------- ------------ ------------ ----------
Gross profit 113 116 561
Administrative expenses (100) (95) (423)
Other operating income - 3 30
Other operating expense - - (63)
Operating profit 13 24 105
Share of profit of joint ventures and associates 6 5 29
Finance income 4 6 9
Finance expense (12) (9) (37)
-------------------------------------------------- ------------ ------------ ----------
Net finance expense (8) (3) (28)
Profit before tax 11 26 106
Income tax expense (1) (4) (13)
-------------------------------------------------- ------------ ------------ ----------
Profit for the year 10 22 93
-------------------------------------------------- ------------ ------------ ----------
Attributable to:
Equity holders of the parent 1 8 43
Non-controlling interests 9 14 50
-------------------------------------------------- ------------ ------------ ----------
10 22 93
-------------------------------------------------- ------------ ------------ ----------
The financial results above derive from continuing
activities.
Condensed consolidated statement of financial position
(unaudited)
as at 31 March 2019
As at As at As at
31 March 31 March 31 Dec
2019 2018 2018
Unaudited Unaudited Audited
GBPm GBPm GBPm
------------------------------------- ------------ ------------ ----------
Non-current assets
Property, plant and equipment 3,284 3,035 3,153
Lease premium prepayment - 100 103
Investment properties 656 565 668
Investment in joint ventures and
associates 357 321 358
Other financial assets 42 - 43
4,339 4,021 4,325
------------------------------------- ------------ ------------ ----------
Current assets
Inventories 5 4 5
Development properties 114 107 115
Lease premium prepayment - 2 2
Trade and other receivables 97 84 102
Cash and cash equivalents 364 356 375
580 553 599
Total assets 4,919 4,574 4,924
-------------------------------------- ------------ ------------ ----------
Non-current liabilities
Interest-bearing loans, bonds and
borrowings (744) (788) (789)
Employee benefits (13) (17) (14)
Provisions (9) (9) (9)
Other non-current liabilities (19) (17) (15)
Lease liabilities (102) - -
Deferred tax liabilities (164) (182) (172)
-------------------------------------- ------------ ------------ ----------
(1,051) (1,013) (999)
------------------------------------- ------------ ------------ ----------
Current liabilities
Interest-bearing loans, bonds and
borrowings (362) (186) (313)
Trade and other payables (209) (202) (220)
Provisions (1) (2) (2)
Lease liabilities (4) - -
Income taxes payable (19) (18) (27)
(595) (408) (562)
------------------------------------- ------------ ------------ ----------
Total liabilities (1,646) (1,421) (1,561)
-------------------------------------- ------------ ------------ ----------
Net assets 3,273 3,153 3,363
-------------------------------------- ------------ ------------ ----------
Equity
Issued share capital 97 97 97
Share premium 843 843 843
Translation reserve 428 356 491
Treasury share reserve (4) (4) (4)
Fair value reserve 4 - 5
Retained earnings 1,339 1,316 1,338
Total equity attributable to equity
holders of the parent 2,707 2,608 2,770
Non-controlling interests 566 545 593
-------------------------------------- ------------ ------------ ----------
Total equity 3,273 3,153 3,363
-------------------------------------- ------------ ------------ ----------
Segment results
Q1 2019
Rest Central
New Regional Rest Singapore of Costs Total
York US London of Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
Revenue
Hotel 27 28 20 14 32 40 26 - 187
Property operations - 1 - - 1 2 9 - 13
REIT - - - 7 4 3 1 - 15
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
Total revenue 27 29 20 21 37 45 36 - 215
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
Hotel gross
operating
profit/(loss) (5) 1 7 1 12 11 14 - 41
Hotel fixed charges
(1) (7) (6) (4) (2) (1) (8) (2) - (30)
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
Hotel operating
profit/(loss) (12) (5) 3 (1) 11 3 12 - 11
Property operating
profit - 1 - - - 2 5 - 8
REIT operating
profit/(loss) - - - 2 (1) - 1 - 2
Central costs - - - - - - - (8) (8)
Operating
profit/(loss) (12) (4) 3 1 10 5 18 (8) 13
Share of joint
ventures
and
associates profit - - - 3 - 3 - - 6
Add: Depreciation
and amortisation 2 3 1 2 4 5 1 1 19
EBITDA (2) (10) (1) 4 6 14 13 19 (7) 38
Less: Depreciation
and amortisation (19)
Net finance expense (8)
Profit before tax 11
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
Q1 2018
Rest Central
New Regional Rest Singapore of Costs Total
York US London of 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
-------------------- ------ --------- ------- ----------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, property taxes
& insurance 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 2019
Q1 2019 Q1 2018 Q1 2018 FY 2018
Constant Constant Reported Reported
Owned or leased hotels* currency currency currency currency
------------------------------ --------- --------- ------------- ---------
Occupancy (%)
New York 76.9 75.2 86.3
Regional US 51.5 50.7 57.6
------------------------------ --------- --------- ------------- ---------
Total US 59.9 58.8 67.1
------------------------------ --------- --------- ------------- ---------
London 73.7 69.3 80.1
Rest of Europe 62.8 64.7 71.2
------------------------------ --------- --------- ------------- ---------
Total Europe 68.0 67.0 75.6
------------------------------ --------- --------- ------------- ---------
Singapore 86.5 86.6 85.9
Rest of Asia 62.2 63.0 68.1
------------------------------ --------- --------- ------------- ---------
Total Asia 71.6 72.2 75.0
------------------------------ --------- --------- ------------- ---------
Australasia 91.3 91.2 82.5
------------------------------ --------- --------- ------------- ---------
Total Group 69.1 68.6 73.3
------------------------------ --------- --------- ------------- ---------
Average Room Rate (GBP)
New York 145.33 150.73 141.16 191.78
Regional US 93.50 96.52 90.39 103.51
------------------------------ --------- --------- ------------- ---------
Total US 115.48 119.38 111.80 140.96
------------------------------ --------- --------- ------------- ---------
London 112.53 113.66 113.66 127.22
Rest of Europe 71.86 72.72 72.95 78.94
------------------------------ --------- --------- ------------- ---------
Total Europe 92.78 94.40 94.51 104.22
------------------------------ --------- --------- ------------- ---------
Singapore 96.45 98.67 95.01 97.26
Rest of Asia 92.90 94.98 93.22 95.74
------------------------------ --------- --------- ------------- ---------
Total Asia 94.56 96.70 94.06 96.42
------------------------------ --------- --------- ------------- ---------
Australasia 99.34 97.37 96.65 88.61
------------------------------ --------- --------- ------------- ---------
Total Group 101.27 102.96 99.80 111.31
------------------------------ --------- --------- ------------- ---------
RevPAR (GBP)
New York 111.69 113.42 106.22 165.49
Regional US 48.17 48.89 45.79 59.61
------------------------------ --------- --------- ------------- ---------
Total US 69.17 70.14 65.69 94.52
------------------------------ --------- --------- ------------- ---------
London 82.93 78.72 78.72 101.89
Rest of Europe 45.15 47.04 47.18 56.18
------------------------------ --------- --------- ------------- ---------
Total Europe 63.07 63.28 63.35 78.76
------------------------------ --------- --------- ------------- ---------
Singapore 83.40 85.49 82.32 83.56
Rest of Asia 57.83 59.85 58.74 65.17
------------------------------ --------- --------- ------------- ---------
Total Asia 67.73 69.78 67.87 72.29
------------------------------ --------- --------- ------------- ---------
Australasia 90.71 88.80 88.14 73.13
------------------------------ --------- --------- ------------- ---------
Total Group 70.01 70.65 68.48 81.57
------------------------------ --------- --------- ------------- ---------
Gross Operating Profit Margin
(%)
New York (18.8) (15.4) 15.6
Regional US 4.4 7.4 19.3
------------------------------ --------- --------- ------------- ---------
Total US (7.0) (3.6) 17.4
------------------------------ --------- --------- ------------- ---------
London 33.6 34.5 41.0
Rest of Europe 8.6 12.8 21.8
------------------------------ --------- --------- ------------- ---------
Total Europe 23.2 25.8 33.2
------------------------------ --------- --------- ------------- ---------
Singapore 37.6 40.2 39.3
Rest of Asia 27.8 32.3 34.5
------------------------------ --------- --------- ------------- ---------
Total Asia 32.1 35.8 36.5
------------------------------ --------- --------- ------------- ---------
Australasia 54.9 54.5 49.0
------------------------------ --------- --------- ------------- ---------
Total Group 21.9 25.2 30.5
------------------------------ --------- --------- ------------- ---------
For comparability, the 31 March 2018 Average Room Rate and
RevPAR have been translated at average exchange rates for the three
months ended 31 March 2019.
* excluding managed, franchised and investment hotels.
APPIX 2: HOTEL ROOM COUNT AND PIPELINE
as at 31 March 2019
Hotels Rooms
Hotel and room 31 March 31 December Change 31 March 31 December Change
count 2019 2018 2019 2018
----------------------- --------- ------------ ------- --------- ------------ -------
Analysed by
region:
New York 4 4 - 2,238 2,238 -
Regional US 15 15 - 4,559 4,559 -
London 7 7 - 2,266 2,266 -
Rest of Europe 23 23 - 3,741 3,741 -
Middle East 37 36 1 12,327 11,980 347
Singapore 7 7 - 3,011 3,011 -
Rest of Asia 23 23 - 9,005 9,006 (1)
Australasia 24 24 - 3,522 3,522 -
----------------------- --------- ------------ ------- --------- ------------ -------
Total 140 139 1 40,669 40,323 346
----------------------- --------- ------------ ------- --------- ------------ -------
Analysed by ownership
type:
Owned or Leased 66 66 - 19,437 19,437 -
Managed 14 14 - 3,537 3,537 -
Franchised 45 44 1 13,408 13,062 346
Investment 15 15 - 4,287 4,287 -
----------------------- --------- ------------ ------- --------- ------------ -------
Total 140 139 1 40,669 40,323 346
----------------------- --------- ------------ ------- --------- ------------ -------
Analysed by
brand:
Grand Millennium 10 10 - 3,986 3,986 -
Millennium 55 57 (2) 17,828 18,108 (280)
Copthorne 34 34 - 6,699 6,700 (1)
Kingsgate 7 7 - 671 671 -
Other M&C 16 15 1 5,576 5,570 6
Third Party 18 16 2 5,909 5,288 621
----------------------- --------- ------------ ------- --------- ------------ -------
Total 140 139 1 40,669 40,323 346
----------------------- --------- ------------ ------- --------- ------------ -------
Hotels Rooms
Pipeline 31 March 31 December Change 31 March 31 December Change
2019 2018 2019 2018
------------------ ---------------- ------------ ------- ----------------- ------------ --------
Analysed by
region:
Middle East 14 17 (3) 7,080 8,181 (1,101)
Asia 6 6 - 1,770 1,770 -
Regional US 1 1 - 263 263 -
Rest of Europe 2 1 1 658 318 340
London 1 1 - 308 308 -
Total 24 26 (2) 10,079 10,840 (761)
------------------ ---------------- ------------ ------- ----------------- ------------ --------
Analysed by
ownership
type:
Managed 4 4 - 1,191 1,191 -
Franchised 15 18 (3) 7,398 8,499 (1,101)
Investment 2 1 1 377 37 340
Owned 3 3 - 1,113 1,113 -
Total 24 26 (2) 10,079 10,840 (761)
------------------ ---------------- ------------ ------- ----------------- ------------ --------
Analysed by
brand:
Grand Millennium 1 1 - 318 318 -
Millennium 14 16 (2) 5,649 6,479 (830)
Copthorne 3 3 - 2,396 2,396 -
Third Party 2 1 1 377 37 340
Other M&C 4 5 (1) 1,339 1,610 (271)
Total 24 26 (2) 10,079 10,840 (761)
------------------ ---------------- ------------ ------- ----------------- ------------ --------
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END
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