Hotel group Millennium & Copthorne Hotels is bracing for an estimated £20m drop in annual profit, as its hotel in London’s Mayfair closes for refurbishment.
The Millennium Hotel London Mayfair first embarked on a phased refurbishment in November 2017, but then closed its doors completely earlier this month to accelerate the work.
The impact will also lower its operating profit, the brand reported.
The hotel, which currently has 336 bedrooms, is scheduled to reopen in the first quarter of 2019 with 315 rooms.
M&C also said performance at its other London hotels, which includes The Baileys Hotel, Chelsea Harbour Hotel and Millennium Hotel London Knightsbridge, for the second quarter was also weaker than last year due to lower revenue and continuing cost pressures.