City Developments offers to buy remaining M&C shares
Singapore – 9 October 2017 –
Singapore’s City Developments has offered to buy the remaining shares of Millennium & Copthorne Hotels it does not own in a deal that values the UK-listed hotels group at about 1.8 billion pounds (US$2.35 billion).
The move would bring the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels back into the fold of Singaporean billionaire Kwek Leng Beng’s property empire.
CDL is part of Singapore-headquartered Hong Leong Group, headed by Kwek.
The group said it would maintain M&C’s business model and did not intend to sell any of M&C’s hotels in London or New York.
M&C in August reported stronger demand at its hotels in London and Singapore.