Millennium & Copthorne’s group revPAR jumped 10.6% last month, providing further evidence that a sustainable hotel sector recovery is now underway
Millennium & Copthorne’s group revPAR jumped 10.6 per cent last month, providing further evidence that a sustainable hotel sector recovery is now underway.
The company, which saw group revPAR in the first quarter to 31 March increase 3.2 per cent year-on-year, said it had seen encouraging signs of recovery continue in many of its markets during April.
However, the continental European and regional US markets still remain tough, the company cautioned.
London revPAR in the first quarter actually declined by 3.9 per cent due to adverse weather at the start of the year and a reduction in aircrews using Millennium’s hotels following contract renegotiations.
Last month Marriott said a recovery within the hotel sector was gathering pace and in the same month rival InterContinental Hotels Group revealed plans to open 36 new hotels in the UK, creating more than 3,500 jobs over the next three years.