Investing.com UK - Financial Markets Worldwide
June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Takeover target M&C Hotels reports higher rooms revenue

Published 30/10/2017, 07:38
© Reuters. Takeover target M&C Hotels reports higher rooms revenue
MLC
-

(Reuters) - Millennium & Copthorne Hotels (L:MLC) (M&C), which has received a takeover proposal that values it at 1.8 billion pounds from shareholder City Developments (CDL), reported higher nine-month rooms revenue boosted by strong growth in New York.

Reported revenue per available room (RevPAR) rose 11.5 percent to 82.41 million pounds for the nine months to Sept. 30, the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said.

Excluding deals, closures and currency movements, RevPAR was up 1.4 percent.

Several shareholders have criticised Singapore-based CDL's 552.5 pence per share cash proposal to buy the 34.8 percent stake it does not own, but M&C's board has said it will back a formal bid at that level.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.