Party continues for hotels
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.
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