All on hold at Millennium & Copthorne as revenues plunge

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Chief executive Richard Hartman expects pressure on the hotel industry to continue for "at least the next few quarters, but only a fool would predict when it will end".

M&C has seen a 41% fall in revenues per available room in its three New York hotels since the start of the year. Worst-hit is the Millennium Hilton, formerly well-populated by investment bakers. They have clearly traded down.

Group revenues per available room are down 21% in the first five weeks of 2009, with London providing the one bright spot with a fall of just 4% because, Hartman says, M&C is benefiting from people trading down from more luxurious hotels.

Pre-tax profits rose 6% to £126 million on revenues up 5% at £703 million. But the dividend for the year is halved to 6.25p.