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2021-12-13

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CDL unit to sell 5-star hotel Millennium Hilton Seoul, adjoining land for S$1.26b

CITY Developments Limited (CDL) announced on Monday (Dec 13) plans to sell Millennium Hilton Seoul,

CDL unit to sell 5-star hotel Millennium Hilton Seoul, adjoining land for S$1.26b

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In 2013, CDL Hotels (Korea) Limited acquired the adjoining 1,563.7 square metre freehold land plot from Woo Yang Industrial Development for 29.5 billion won.\nOn Monday, CDL said it started reviewing M&C's entire global hotel footprint to restructure hotel assets and streamline cost structures with a view to unlock value \"at the right time\" following M&C's privatisation in November 2019.\nCommenting on the sale, Kwek Leng Beng, the executive chairman of CDL and M&C, said the group had \"always believed that (Millennium Hilton Seoul) would be an asset that could provide tremendous value to shareholders at the right time and at the right price.\"\nStressing that CDL had \"negotiated hard to maximise value\", he reiterated that the \"sizeable divestment at a significant premium to book value\" was the impetus to sell without hesitation and realise a substantial profit.\n\"We remain confident of the global hospitality recovery with pent-up demand. We will continue to review and fine-tune our portfolio to accelerate the Group's growth and transformation while enhancing shareholder value,\" he added.\nThe previous two non-core M&C hotel divestments completed were Millennium Hotel Cincinnati and Copthorne Hotel Birmingham, with Millennium Harvest House Boulder in the US expected to complete in 2022.\nThese three non-core divestments have a combined sales value of around S$178.96 million.\nAs of June 30, 2021, M&C owns, manages and operates over 145 hotels across some 80 locations worldwide throughout Asia, Europe, the Middle East, New Zealand and the US.\nCDL shares closed down 0.6 per cent or S$0.04 at S$6.99 on Friday before the announcement.","news_type":1},"isVote":1,"tweetType":1,"viewCount":734,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

CDL unit to sell 5-star hotel Millennium Hilton Seoul, adjoining land for S$1.26b

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