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 go back 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 Copthorne Hotels was acquired by CDL Hotels and the enlarged concern 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 53% 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 from their stays at 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 their hotel, which resulted in a massive ongoing renovation.13 The Millennium Minneapolis recently reopened after undergoing a much needed $22-million dollar renovation.14

References

  1. ^ a b c Preliminary Results 2013
  2. ^ a b World Airline Directory Flight International, 29 March 1986
  3. ^ Singapore investor buys hotel in London The Independent, 14 July 1994
  4. ^ Funding Universe
  5. ^ Millenium sold to CDL Hotels International New York Times, 16 February 1994
  6. ^ Singapore group buys Glasgow's Copthorne Aer Lingus sellshotel for £224m Glasgow Herald, 7 October 1995
  7. ^ London Stock Exchange
  8. ^ Millennium Hotels & Resorts Celebrates New Properties Businesswire, 29 February 2005
  9. ^ The five-star Millennium Chengdu Hotel China to open in 2008 Easier Travel, 2 August 2007
  10. ^ Top brand hotels set to catapult city into premier league
  11. ^ "Millennium & Copthorne sees signs of stability". Wall Street Journal. 2009-08-06. Retrieved 2009-08-29. dead link
  12. ^ Andrews, Cindi. "Business | Cincinnati.com | cincinnati.com". News.cincinnati.com. Retrieved 2014-03-23. 
  13. ^ Mike Rush, KSDK 6:10 p.m. EDT March 21, 2013 (2013-03-21). "Customers describe iconic hotel as 'disgusting,' 'a dump'". Ksdk.com. Retrieved 2014-03-23. 
  14. ^ "Millennium Hotel reopens in downtown Minneapolis following $22 million renovation (Photos) - Minneapolis / St. Paul Business Journal". Bizjournals.com. Retrieved 2014-03-23. 

External links