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Company Millennium & Copthorne Hotels PLC
TIDM MLC
Headline

Proposed Acquisition of Korean Land

Released 07:00 18-Jan-2013
Number 8622V07

RNS Number : 8622V
Millennium & Copthorne Hotels PLC
18 January 2013
 



For Immediate Release                                                                                18 January 2013

 

 

 

Proposed Acquisition of land immediately adjacent to the Millennium Seoul Hilton Hotel

 

 

Millennium & Copthorne Hotels plc (M&C) today announces that its wholly-owned subsidiary, CDL Hotels (Korea) Ltd, has entered into a conditional sale and purchase agreement with Woo Yang Industrial Development Co., Ltd to acquire a plot of land with a total area of 1,563.7m2, adjacent to the Millennium Seoul Hilton Hotel in Korea, for a cash consideration of KW29.5 billion (around £17.23m).  The Millennium Seoul Hilton Hotel is owned by M&C. Completion is expected to take place in the second quarter of 2013 and is subject to certain terms and conditions being met.

 

M&C Chairman Kwek Leng Beng said: "This is an exciting site for us to acquire as it is located immediately adjacent to our Millennium Seoul Hilton Hotel.  The site has a lot of potential which I foresee will give M&C plenty of synergies and value to our operations in Seoul."

 

M&C will develop detailed plans to build hospitality facilities on the site complementary to the Millennium Seoul Hilton, following further studies with architects and other external consultants.

 

 

 

 

Enquiries:

 

Millennium & Copthorne Hotels plc                                                          Tel: +44 (0) 20 7872 2444

 

John Chang, Chief Financial Officer

Alan Scott, Company Secretary

Peter Krijgsman, Financial Communications (Media)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Proposed Acquisition of Korean Land - RNS