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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.
Millennium & Copthorne Hotels plc Tel: +44 (0) 20 7872 2444
John Chang, Chief Financial Officer
Alan Scott, Company Secretary
Peter Krijgsman, Financial Communications (Media)
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