LONDON (Alliance News) - Millennium & Copthorne Hotels PLC on Friday said it expects to recognise a net charge of around GBP43 million against its pretax profit for 2015.
The net charge includes GBP76 million of impairment losses relating to four of M&C's properties located in New York, Rest of Europe and Rest of Asia, offset by net revaluation gains of GBP33 million on its investment properties.
"Performance of those assets, especially the four hotels referred to above, that are to be impaired is being closely monitored. With regard to such properties, management is considering appropriate strategies to further control costs and increase revenue, including exploring additional sales channels, enhanced sales and marketing efforts and the implementation of brand initiatives," the hotel company said in a statement.
"Meanwhile, the ongoing asset refurbishment programmes are continuing and are anticipated to yield benefits in the future," M&C added.
M&C will release its full-year results on February 19.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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