London-based Millennium & Copthorne (M&C) Hotels’ third-quarter profit rose 6.6 per cent as an increase in global business travel drove occupancy and room rates.

Pre-tax profit rose to £50.2 million ($80.16 million) in the quarter ended September 30 from £47.1 million ($75.2 million) a year earlier.

Revenue at the company, which operates the Millennium, Grand Millennium, Copthorne and Kingsgate hotels, rose 6.2 per cent to £215.9 million ($345.1 million).

Revenue per available room (RevPAR) rose 5.5 percent to £77.7 million.

The increase in travel due to a recovering economy in the UK and the US has resulted in tight supply of hotel rooms and higher occupancy, allowing hoteliers to raise rates.

M&C said group RevPAR rose 6.8 per cent in the first three weeks of trading in the current quarter on a constant currency basis, with RevPAR up 4.5 per cent in New York and 3.3 per cent up in London. Singapore RevPAR fell by 4.2 per cent during the period.

Millennium & Copthorne (M&C) is majority owned by Kwek Leng Beng's Singapore-based property company City Developments and has a big presence in Singapore, London and New York. - Reuters