Party con­tin­ues for ho­tels

Matamata Chronicle - - Out & About - PROP­ERTY

The Lions tour this win­ter and New Zealand’s on­go­ing tourism boom are ex­pected to her­ald more good times to ho­tel and prop­erty de­vel­oper Mil­len­nium & Copthorne Ho­tels NZ.

The NZX-listed com­pany - re­port­edly the coun­try’s se­cond largest ho­tel owner - saw its profit lift 86 per cent to $40.4 mil­lion in the year to De­cem­ber 31.

Rev­enue rose 26 per cent to $172m, off the back of strong ho­tel room oc­cu­pancy and on­go­ing prop­erty sales from its ma­jor­ity-owned sub­sidiary, CDL In­vest­ments NZ.

Chair­man RH Wong said ho­tel rev­enue had risen nearly 10 per cent and rev­enue per avail­able room had jumped nearly 15 per cent.

He put the in­crease down to bet­ter sales and mar­ket­ing ini­tia­tives, profit con­ver­sions and con­tin­ued pro­duc­tiv­ity im­prove­ments.

And he ex­pected the com­pany to do even bet­ter in 2017. ‘‘We ex­pect to ben­e­fit from the grow­ing tourism in­ter­est in New Zealand and the Lions Rugby Tour,’’ he said.

The chain owns or op­er­ates 19 ho­tels in New Zealand and be­gan man­ag­ing the Grand Mil­len­nium Auck­land in Septem­ber.

The Copthorne Ho­tel Auck­land Har­bourcity is un­der­go­ing re­fur­bish­ment and is ex­pected to re­open in the se­cond quar­ter of the year, un­der the name MSo­cial Auck­land.

SUP­PLIED

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