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Proposed Acquisition of Korean Land

Released 07:00 18-Jan-2013

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.







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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Proposed Acquisition of Korean Land - RNS