But it warns that trading could take more than two years to recover
Hotelier Millennium & Copthorne said the worst of the recession may be over as its rate of revenue decline slowed but warned that it could take more than two years for trading to recover to the levels seen in 2007.
M&C, which operates 120 hotels across the world, said yesterday that revenue per available room (RevPAR), a key industry measure, dropped by 17.7 per cent in the third quarter compared with a fall of 21.3 per cent in the second quarter.
That trend continued into October, with RevPAR down by 12.8 per cent last year, M&C said. London saw growth of 0.6 per cent during the month, with New York RevPAR falling 17.9 per cent and Singapore down 26.5 per cent.
‘I believe that the industry is moving in the right direction. The rate of decline of our global RevPAR has slowed quarter-on-quarter and this trend has continued into October,’ said chairman Kwek Leng Beng.
‘While it is too early to predict with accuracy how markets will behave in 2010, we are encouraged by these improving trends which suggest that the worst may be behind us,’ he added. Continue reading
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