1 00:00:00,120 --> 00:00:02,080 Speaker 1: Got some good news for our economy and from our 2 00:00:02,080 --> 00:00:04,880 Speaker 1: tourism industry. Millennium Copthorne there's in the hotels have reported 3 00:00:04,880 --> 00:00:07,000 Speaker 1: the highest full year revenue in five years. Now there 4 00:00:07,040 --> 00:00:08,880 Speaker 1: is a sense that twenty five apparently is looking good 5 00:00:08,880 --> 00:00:12,320 Speaker 1: for holidays. CEO Stuart Harrison's with us on this Stuart Morning. 6 00:00:12,880 --> 00:00:13,440 Speaker 2: Good morning. 7 00:00:13,520 --> 00:00:16,159 Speaker 1: Is this specific to your series of hotels or the 8 00:00:16,200 --> 00:00:17,119 Speaker 1: industry generally? 9 00:00:19,040 --> 00:00:22,160 Speaker 2: It will be across the industry generally, and I think 10 00:00:22,160 --> 00:00:26,360 Speaker 2: it's also related to specific areas within the country. 11 00:00:26,079 --> 00:00:28,080 Speaker 1: Because I'm still seeing eighty nine percent of what we 12 00:00:28,080 --> 00:00:30,480 Speaker 1: were in twenty nineteen as far as the rivals are concerned. 13 00:00:30,480 --> 00:00:33,720 Speaker 1: So what's going on here that you're doing so well 14 00:00:34,120 --> 00:00:35,600 Speaker 1: but we're not back to where we were? 15 00:00:37,280 --> 00:00:39,559 Speaker 2: Yeah, I mean, I think we have been holding to 16 00:00:39,600 --> 00:00:42,600 Speaker 2: a strategy which we've referred to as revive and thrive. 17 00:00:43,360 --> 00:00:45,400 Speaker 2: So yes, we knowledge we're not going yet, but it 18 00:00:45,440 --> 00:00:48,760 Speaker 2: is part and partle of that revive process that we're 19 00:00:48,800 --> 00:00:51,160 Speaker 2: going through. So I guess in some ways we're seeing 20 00:00:51,240 --> 00:00:55,200 Speaker 2: the opportunity whilst none that are down to actually be 21 00:00:55,760 --> 00:01:00,320 Speaker 2: reviving our product, doing refurbishments and refreshments and up grades 22 00:01:00,320 --> 00:01:02,880 Speaker 2: and things like that to sort of position ourselves and 23 00:01:02,920 --> 00:01:04,880 Speaker 2: I think that's part and parcel of being a to 24 00:01:05,319 --> 00:01:08,119 Speaker 2: then seize on those opportunities as they start coming through. 25 00:01:08,240 --> 00:01:09,479 Speaker 1: What's your occupancy rate? 26 00:01:11,280 --> 00:01:13,080 Speaker 2: So we close out the year at around about sixty 27 00:01:13,080 --> 00:01:14,640 Speaker 2: six percent across our hotels. 28 00:01:14,760 --> 00:01:15,280 Speaker 1: Is that good? 29 00:01:16,319 --> 00:01:21,640 Speaker 2: Ah? No? Yeah, if you actually look back to sort 30 00:01:21,640 --> 00:01:23,520 Speaker 2: of pre COVID days, you know we were up into 31 00:01:23,520 --> 00:01:26,000 Speaker 2: sort of about eighty percent level. So it is definitely 32 00:01:26,080 --> 00:01:30,160 Speaker 2: a growing perspective that is starting to come through. But yeah, 33 00:01:30,200 --> 00:01:31,080 Speaker 2: a long way to go yet. 34 00:01:31,080 --> 00:01:32,600 Speaker 1: And what about your room rate? What have you done 35 00:01:32,600 --> 00:01:32,760 Speaker 1: with that? 36 00:01:34,800 --> 00:01:38,120 Speaker 2: Yeah? I mean that has grown over the past few years, 37 00:01:38,600 --> 00:01:41,440 Speaker 2: obviously on the back of COVID. Again, that's part of 38 00:01:41,480 --> 00:01:43,680 Speaker 2: the revived process that we've been going through. 39 00:01:44,480 --> 00:01:46,960 Speaker 1: And far as the American thing, I'm just trying to 40 00:01:47,000 --> 00:01:49,360 Speaker 1: get a vibe around the tourism. I'm seeing the numbers. 41 00:01:49,440 --> 00:01:51,680 Speaker 1: America loves us at the moment. Are you seeing that? 42 00:01:52,840 --> 00:01:55,640 Speaker 2: Yes? We are. Yeah, that is definitely one market that 43 00:01:55,800 --> 00:01:59,800 Speaker 2: has been delivering for us and coming in and good numbers, 44 00:01:59,880 --> 00:02:02,920 Speaker 2: and obviously they seem to enjoy their long stays here 45 00:02:02,960 --> 00:02:06,520 Speaker 2: as well, So that's helpful across the country. 46 00:02:06,600 --> 00:02:09,000 Speaker 1: And as far as you're concerned in terms of hotels 47 00:02:09,120 --> 00:02:12,679 Speaker 1: is location. The key is at location specific. In other words, 48 00:02:12,720 --> 00:02:14,320 Speaker 1: if you're in the right areas, you'll do better than 49 00:02:14,360 --> 00:02:16,160 Speaker 1: people who are parked up in the wrong areas. 50 00:02:16,919 --> 00:02:19,280 Speaker 2: Yeah, I mean there's definitely the pockets that are there. 51 00:02:19,280 --> 00:02:20,960 Speaker 2: I mean, if you look at it and go, Queen's 52 00:02:21,000 --> 00:02:24,160 Speaker 2: Down is a location which has had high demand on 53 00:02:24,200 --> 00:02:27,560 Speaker 2: a relatively consistent basis out the other side that you 54 00:02:27,639 --> 00:02:31,120 Speaker 2: have in Auckland that was probably gearing itself up for 55 00:02:31,160 --> 00:02:34,240 Speaker 2: the convention center to be up and running, and so 56 00:02:34,280 --> 00:02:36,720 Speaker 2: you've had a whole lot of hotel inventory that's sort 57 00:02:36,720 --> 00:02:40,240 Speaker 2: of come on board. As a result, there is excess 58 00:02:40,280 --> 00:02:42,120 Speaker 2: supply as a location. 59 00:02:42,440 --> 00:02:45,799 Speaker 1: And what about this tourism campaign everybody's got to go. 60 00:02:46,360 --> 00:02:48,560 Speaker 1: Do you hold hope that this could work or not? 61 00:02:51,160 --> 00:02:53,680 Speaker 2: I'm keen on the fact that some money is actually 62 00:02:53,680 --> 00:02:55,880 Speaker 2: being spent in that area. I think we came out 63 00:02:55,960 --> 00:02:57,520 Speaker 2: last year and sort of said there needed to be 64 00:02:57,560 --> 00:03:01,919 Speaker 2: a concerned effort with locals enjoying local government support being needed. 65 00:03:02,600 --> 00:03:05,880 Speaker 2: So it's great to actually see something happening and I 66 00:03:06,440 --> 00:03:09,079 Speaker 2: encourage it in that respect, and we would be on board. 67 00:03:09,400 --> 00:03:11,400 Speaker 2: I think we all know that Australia is one of 68 00:03:11,400 --> 00:03:14,400 Speaker 2: our key marketplaces. So to be able to spend some 69 00:03:14,440 --> 00:03:17,600 Speaker 2: money to promote New Zealand and get Australians to come 70 00:03:17,639 --> 00:03:20,680 Speaker 2: here and stay, it's a step in the right direction. 71 00:03:21,800 --> 00:03:24,160 Speaker 2: Will always be suggesting less would. 72 00:03:23,919 --> 00:03:26,320 Speaker 1: Be more good, and so I appreciate Stuart Stuart Harrison 73 00:03:26,320 --> 00:03:29,440 Speaker 1: out of Millennium and Copthorn Hotels this morning. For more 74 00:03:29,520 --> 00:03:32,639 Speaker 1: from the Mic Asking Breakfast, listen live to news talks 75 00:03:32,639 --> 00:03:35,840 Speaker 1: it'd be from six am weekdays, or follow the podcast 76 00:03:35,880 --> 00:03:36,760 Speaker 1: on iHeartRadio.