New York slowdown hits Millennium & Copthorne sales | reuters.com
Hotelier Millennium & Copthorne said on Thursday revenues fell in October as the deteriorating economic outlook took its toll, particularly at the group's New York hotels. The decline in sales last month sent shares in the company as much as 9 percent lower and overshadowed a 4.2 percent increase in pretax profit to 30 million pounds ($47.54 million) in the third quarter, boosted by a 900,000 pound benefit from favourable currency movements. M&C said revenue per available room (RevPAR), the hotel industry's main measurement of performance, grew by 4 percent on a constant currency basis in the three months to the end of September.
