Millennium & Copthorne Hotels

Millennium & Copthorne Hotels plc is a global hospitality management and real estate group, with 120 hotels in 79 locations in Asia, Australasia, Europe, the Middle East and North America. The company is headquartered in London. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by City Developments Limited in September 2019. Millennium & Copthorne Hotels operates the Millennium, Copthorne and Kingsgate hotel chains.

Millennium & Copthorne Hotels plc
Public
Traded asLSE: MLC
IndustryHotels
Founded1972 
HeadquartersLondon, UK
Key people
Kwek Leng Beng, Chairman
Tan Kian Seng, Interim CEO
Revenue£997 million (2018)[1]
£105 million (2018)[1]
£93 million (2018)[1]
Websitewww.millenniumhotels.com
Millennium Hotels and Resorts logo

History
Part of the original Copthorne Hotel near Gatwick in West Sussex

The Group's origins date to 1972 when British Caledonian Airways acquired the Copthorne Hotel at Copthorne, West Sussex, near Gatwick. The Copthorne Hotels brand was launched in 1985.[2]

In 1989, Singapore-based CDL Hotels International acquired six hotels in Asia. In 1993, CDL made its first move outside Asia – purchasing the 548-room Gloucester Hotel and The Bailey's Hotel in London.[3] In the same year CDL took control of a 13-hotel chain in New Zealand.[4] In 1994, CDL made its entry into the US with the purchase of the Millennium Hilton New York Downtown in New York and acquired the Millennium Broadway in New York's Times Square district in December.[5]

In 1995, CDL Hotels acquired Copthorne Hotels and the enlarged corporation became Millennium & Copthorne Hotels.[6] The company was first listed on the London Stock Exchange in 1996.[7]

In 1999, the company acquired Regal Hotels in the United States[8] and in 2001 it expanded into the Middle East with several management contracts secured in the United Arab Emirates. The first of six new hotels in China opened in 2008.[9]

In 2015, the group announced four new hotels to open in Dubai.[10] Still in 2015, the group's financial results slightly declined due to troubled events affecting tourism worldwide[11] which led to the resignation of its CEO Aloysius Lee.[12] Tan Kian Seng is currently serving as the interim CEO after Jennifer Fox has stepped down as the group's CEO in September 2018, just three months after her appointment.[13]

In June 2019 the company's board agreed to recommend a takeover offer, valuing the business at £2.23 billion, from City Developments Limited for the shares it does not already own.[14] The transaction became unconditional in September 2019.[15]

In May 2020, Millennium & Copthorne announced 910 job losses from its 20 hotels in New Zealand as a result of the COVID-19 pandemic.[16]

Operations

The Group is structured as follows:[17]

Ownership

A Singapore investment company City Developments Limited owns approximately 62 percent of the issued share capital in Millennium & Copthorne Hotels plc.[18]

References
  1. "Preliminary Results 2018" (PDF). Millennium & Copthorne Hotels. Retrieved 18 March 2019.
  2. "World Airline Directory". Flight International. 29 March 1986. Retrieved 2014-06-17.
  3. Stevenson, Tom (14 July 1994). "Singapore investor buys hotel in London". The Independent. Retrieved 2014-06-17.
  4. "Millennium & Copthorne Hotels plc History". Funding Universe. Retrieved 2014-06-17.
  5. "Millenium sold to CDL Hotels International". The New York Times. 16 February 1994. Retrieved 2014-06-17.
  6. Wilson, Iain (7 October 1995). "Singapore group buys Glasgow's Copthorne Aer Lingus sells hotel for £224m". The Glasgow Herald. Retrieved 2014-06-17.
  7. "Millennium and Copthorne Hotels plc". London Stock Exchange. Archived from the original on 2015-04-04. Retrieved 2014-06-17.
  8. "Regal Riverfront becomes Millennium Hotel-St. Louis". St. Louis Business Journal. 9 April 2001. Retrieved 2014-06-17.
  9. "The five-star Millennium Chengdu Hotel China to open in 2008". Easier Travel. 2 August 2007. Retrieved 2014-06-17.
  10. Crystal Chesters (10 May 2015). "Millennium & Copthorne signs deal for 4 Dubai hotels". Arabianbusiness.com. Retrieved 28 September 2017.
  11. Nathalie Thomas (19 February 2016). "Hotels facing 'uncertain climate' – Millennium & Copthorne". Ft.com. Retrieved 28 September 2017.
  12. "Millennium & Copthorne Hotels CEO Lee to resign". Reuters.com. 24 August 2016. Retrieved 28 September 2017.
  13. "Three months in, CEO Jennifer Fox leaves Millennium & Copthorne Hotels | Hotel Management". www.hotelmanagement.net. Retrieved 2018-10-25.
  14. "Millennium & Copthorne Hotels shares soar as takeover bid agreed". The Independent. 7 June 2019. Retrieved 25 August 2019.
  15. "CDL takeover offer for Millennium & Copthorne Hotels turns unconditional". Business Times. 14 September 2019. Retrieved 20 September 2019.
  16. McRae, Tom (26 May 2020). "'Really, really hard': More job cuts as Kiwis spend less during coronavirus pandemic". Newshub. Retrieved 28 May 2020.
  17. "Millennium, Copthorne and Kingsgate Hotels & Resorts". Air New Zealand. Retrieved 22 April 2017.
  18. "Millennium expands through acquisition". Hotel News Now. 30 April 2014. Retrieved 2014-06-17.
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