Millennium & Copthorne Hotels

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Millennium & Copthorne Hotels Plc
Type Public
Traded as LSEMLC
Industry Hotels
Founded 1972
Headquarters London, UK
Key people Kwek Leng Beng, Chairman
Wong Hong Ren, CEO
Revenue £1,037.5 million (2013)1
Operating income £230.4 million (2013)1
Net income £235.0 million (2013)1
Website www.millenniumhotels.com

Millennium & Copthorne Hotels Plc, operator of the Millennium, Copthorne, and Kingsgate hotel chains, is a leading British-based company operating globally in the hospitality industry. Including the pipeline, the company owns or operates over 120 hotels in 19 countries around the world. It is headquartered in London and is a constituent of the FTSE 250 Index.

History

The company's origins date to 1972 when British Caledonian Airways acquired the Copthorne Hotel at Copthorne, West Sussex, near Gatwick.2 The Copthorne Hotels brand was launched in 19852 and a number of new hotels opened in the UK, France and Germany. In 1989, Singapore based CDL Hotels International acquired 6 hotels in Asia and in 1993 CDL made its first move outside Asia – purchasing the 548-room Gloucester 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 Millenium Hilton 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 and Copthorne Hotels.6 The company was first listed on the London Stock Exchange in 1996.7 In 1999, it acquired Regal Hotels of the US.8

In 2001 M&C expanded into the Middle East with several management contracts secured in the United Arab Emirates and the first of six new hotels in China opened in 2008.9

Operations

The group is structured as follows:

  • Millennium and Copthorne Hotels – Worldwide - www.millenniumhotels.com
  • Copthorne Hotels – UK, Germany, New Zealand, Malaysia and Singapore - www.millenniumhotels.com
  • Kingsgate Hotels – New Zealand, United Arab Emirates - www.millenniumhotels.com

List of Hotels

In January 2009, the group announced it would open two hotels in Liverpool Central Village development.10

Ownership

The firm is controlled with a 65% stake by Singaporean investment company City Developments Limited.11

Controversy

The Millennium brand of hotels has come under fire for charging high rates for rooms that are outdated and in disrepair. While many travel and review sites offer poor feedback for Millenium Hotels, for the first time city leaders are also demanding the hotel group update or demolish their buildings. City of Cincinnati economic development director Odis Jones went so far as saying “The Millennium is in poor shape. It needs more than just a renovation.”12 The St. Louis hotel has fared no better with customers. "I've never experienced a hotel that was so, not just filthy, but also dilapidated", one St. Louis Millennium visitor claimed. St. Louis leaders demanded that the Millennium do something about its hotel, which resulted in a massive ongoing renovation.13 The Millennium Minneapolis reopened in April 2013 after undergoing a much needed $22-million dollar renovation.14

References

  1. ^ a b c "Final Results Announcement 2013" (Press release). Millennium & Copthorne Hotels. 21 February 2014. Retrieved 2014-06-17. 
  2. ^ a b "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. 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. ^ "Liverpool Hotels Round-up". Business Traveller. 17 February 2010. Retrieved 2014-06-17. 
  11. ^ "Millennium expands through acquisition". Hotel News Now. 30 April 2014. Retrieved 2014-06-17. 
  12. ^ Andrews, Cindi (28 May 2013). "Outdated Millennium Hotel hurting convention business". The Cincinnati Inquirer. Retrieved 2014-06-17. 
  13. ^ Rush, Mike (21 March 21 2013). "Customers describe iconic hotel as 'disgusting,' 'a dump'". KSDK News. Retrieved 2014-06-17. 
  14. ^ Vomhof, Jr., John (30 April 2013). "Millennium Hotel reopens in downtown Minneapolis following $22 million renovation". Minneapolis/St. Paul Business Journal (Bizjournals.com). Retrieved 2014-06-17. 

External links