Millennium & Copthorne (M&C) Hotels New Zealand, a subsidiary of City Developments Limited (CDL), says it has received “multiple cancellations” for bookings over the week of Feb 16 and the following weeks in the same month due to the Covid Alert Level changes made by the New Zealand government on Feb 14.
“Some events which cannot be held under Level 2 and Level 3 restrictions have also had to be cancelled and, where possible, these have been postponed to a new date,” says M&C New Zealand in a Feb 16 statement.
The number of deferrals and cancellations vary from hotel to hotel, which will impact M&C New Zealand’s revenue for February.
As the length of the current restrictions in the country have not been disclosed, the group says it is unable to predict the “exact impact” this will have on its 1HFY2021 financial performance.
Shares in CDL closed 7 cents lower or 1.0% down at $7.16 on Feb 16.
See: CityDev launches another takeover bid for Millennium & Copthorne Hotels with 685 pence per share offer
