M&C profits rise, responds to ‘record land deal’ report

LONDON Millennium & Copthorne Hotels PLC says it will proceed with caution in potentially selling a plot of land in Kuala Lumpur, following a published report that it is poised to execute a record sale.

The Business Times of Singapore reports that M&C is evaluating options for its site in Kuala Lumpur, including a “new record price” bid. “From time to time indications of interest in the subject site in Kuala Lumpur have been received from third parties and these are reviewed and evaluated,” M&C says in a statement. “The group will continue to consider its available options in respect of this site and is not in a position currently to make any further comment.” The prospective buyer has not been disclosed publicly.

M&C posted higher first-half profit on strong demand in most of its markets, with RevPAR up 14.3% in July on impressive performance in its key markets of New York City, London and Singapore.

Pretax profit for the first half rose to £50.2 million from £30.5 million last year, and total revenue rose 11% to £350.5 million.