Upmarket hotels group Millennium & Copthorne said high occupancy and increased revenues at its three New York premises helped boost profits by 45 per cent last year.
The company, which lists sites in Birmingham and Dudley among its 91 hotels worldwide, announced ten new management and franchise contracts, including Millennium Hongqiao Shanghai - its first venture into mainland China.
Pretax profits excluding other operating income and impairment rose to £74 million from £51.2 million the year before.
Group revenue for the year was up eight per cent to £595.2 million while profit before tax increased from £91 million to £95.8 million.
Revenues per available room jumped 7.4 per cent to £46.73 while overall room occupancy rose to 73 per cent from 71.8 per cent.
It said its five London hotels had performed in line with expectations, despite a weak showing from Millennium Gloucester.
The firm, whose other UK hotels include the Millennium Madejski in Reading and the Manchester Copthorne, said trading for the first part of 2006 was positive.
Chairman Kwek Leng Beng said: "It is too early to give precise indications of the outlook for the current year but we are confident we can make further progress.
"Looking to the future, we believe that our established ability to combine our operating and real estate strengths gives us a real competitive edge. We will use this advantage to deliver better value for shareholders."
The group also owns non-hotel property and in 2005 sold off the Bayswater Tower, Kingsgate Shopping Centre and Kingsgate Commercial Centre - all in Sydney, Australia.
It is currently pursuing legal action against its insurance adviser, claiming more than $45 million for damage and loss of business on its New York properties resulting from the September 11 terrorist attacks.
The company has already received $85 million from a 9/11 claim relating specifically to the Millennium Hilton in New York.