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In 2015, the group announced four new hotels to open in [[Dubai]].<ref>{{cite web|url=http://www.arabianbusiness.com/millennium-copthorne-signs-deal-for-4-dubai-hotels-592119.html|title=Millennium & Copthorne signs deal for 4 Dubai hotels|website=Arabianbusiness.com|date=10 May 2015|author=Crystal Chesters|accessdate=28 September 2017}}</ref> Still in 2015, the group's financial results slightly declined due to troubled events affecting tourism worldwide<ref>{{cite web|url=https://www.ft.com/content/67735a29-7eea-3891-8b0c-7d1b2812083c|title=Hotels facing ‘uncertain climate’ – Millennium & Copthorne|website=Ft.com|date=19 February 2016|author=Nathalie Thomas|accessdate=28 September 2017}}</ref> which led to the resignation of its CEO Aloysius Lee.<ref>{{cite web|url=https://www.reuters.com/article/mill-cop-hotels-ceo/millennium-copthorne-hotels-ceo-lee-to-resign-idUSL3N1B54EB|title=Millennium & Copthorne Hotels CEO Lee to resign|website=Reuters.com|date=24 August 2016|accessdate=28 September 2017}}</ref> Tan Kian Seng is currently serving as the interim CEO after Jennifer Fox has stepped down as the group's CEO in September 2018, just three months after her appointment.<ref>{{Cite web|url=https://www.hotelmanagement.net/human-resources/three-months-millennium-copthorne-hotels-ceo-steps-down|title=Three months in, CEO Jennifer Fox leaves Millennium & Copthorne Hotels {{!}} Hotel Management|website=www.hotelmanagement.net|language=en|access-date=2018-10-25}}</ref>. Clarence Tan was appointed CEO of Millennium and Copthorne Hotels in March 2020 <ref>{{Cite web|title=CDL names veteran hotelier as group CEO for Millennium & Copthorne Hotels|url=https://www.straitstimes.com/business/companies-markets/cdl-names-veteran-hotelier-as-group-ceo-for-millennium-copthorne-hotels}}</ref>, and left the role in July 2020 four months after his appointment <ref>{{cite web|title=M&C Hoyels CEO quits after four months as pandemic drags firm into the red|url=https://www.mingtiandi.com/real-estate/agencies-people/mc-hotels-ceo-clarence-tan-quits-after-four-months/}}</ref>.
In 2015, the group announced four new hotels to open in [[Dubai]].<ref>{{cite web|url=http://www.arabianbusiness.com/millennium-copthorne-signs-deal-for-4-dubai-hotels-592119.html|title=Millennium & Copthorne signs deal for 4 Dubai hotels|website=Arabianbusiness.com|date=10 May 2015|author=Crystal Chesters|accessdate=28 September 2017}}</ref> Still in 2015, the group's financial results slightly declined due to troubled events affecting tourism worldwide<ref>{{cite web|url=https://www.ft.com/content/67735a29-7eea-3891-8b0c-7d1b2812083c|title=Hotels facing ‘uncertain climate’ – Millennium & Copthorne|website=Ft.com|date=19 February 2016|author=Nathalie Thomas|accessdate=28 September 2017}}</ref> which led to the resignation of its CEO Aloysius Lee.<ref>{{cite web|url=https://www.reuters.com/article/mill-cop-hotels-ceo/millennium-copthorne-hotels-ceo-lee-to-resign-idUSL3N1B54EB|title=Millennium & Copthorne Hotels CEO Lee to resign|website=Reuters.com|date=24 August 2016|accessdate=28 September 2017}}</ref> Tan Kian Seng is currently serving as the interim CEO after Jennifer Fox has stepped down as the group's CEO in September 2018, just three months after her appointment.<ref>{{Cite web|url=https://www.hotelmanagement.net/human-resources/three-months-millennium-copthorne-hotels-ceo-steps-down|title=Three months in, CEO Jennifer Fox leaves Millennium & Copthorne Hotels {{!}} Hotel Management|website=www.hotelmanagement.net|language=en|access-date=2018-10-25}}</ref>. Clarence Tan was appointed CEO of Millennium and Copthorne Hotels in March 2020 <ref>{{Cite web|title=CDL names veteran hotelier as group CEO for Millennium & Copthorne Hotels|url=https://www.straitstimes.com/business/companies-markets/cdl-names-veteran-hotelier-as-group-ceo-for-millennium-copthorne-hotels}}</ref>, and left the role in July 2020 four months after his appointment <ref>{{cite web|title=M&C Hoyels CEO quits after four months as pandemic drags firm into the red|url=https://www.mingtiandi.com/real-estate/agencies-people/mc-hotels-ceo-clarence-tan-quits-after-four-months/}}</ref>.


In May 2020, Millennium & Copthorne announced 910 job losses from its 20 hotels in New Zealand as a result of the [[COVID-19 pandemic in New Zealand|COVID-19 pandemic]].<ref>{{cite news |url=https://www.newshub.co.nz/home/money/2020/05/really-really-hard-more-job-cuts-as-kiwis-spend-less-during-coronavirus-pandemic.html |title='Really, really hard': More job cuts as Kiwis spend less during coronavirus pandemic |first=Tom |last=McRae |date=26 May 2020 |work=Newshub |accessdate=28 May 2020}}</ref>. In reaction to the [[COVID-19 Pandemic]], Millennium and Copthorne Hotels created the We Clean We Care We Welcome Global Safety Commitment <ref>{{cite web|title=We Clean We Care We Welcome Global Safety and Cleanliness Commitment|url=https://www.millenniumhotels.com/en/offers/global/wecleancarewelcome/}}</ref> to enhance existing operational standards and introduce mandatory preventive measures to ensure guest and staff safety during the pandemic.
In May 2020, Millennium & Copthorne announced 910 job losses from its 20 hotels in New Zealand as a result of the [[COVID-19 pandemic in New Zealand|COVID-19 pandemic]].<ref>{{cite news |url=https://www.newshub.co.nz/home/money/2020/05/really-really-hard-more-job-cuts-as-kiwis-spend-less-during-coronavirus-pandemic.html |title='Really, really hard': More job cuts as Kiwis spend less during coronavirus pandemic |first=Tom |last=McRae |date=26 May 2020 |work=Newshub |accessdate=28 May 2020}}</ref>. In reaction to the [[COVID-19 Pandemic]], Millennium and Copthorne Hotels created the We Clean We Care We Welcome Global Safety Commitment.<ref>{{cite web|title=We Clean We Care We Welcome Global Safety and Cleanliness Commitment|url=https://www.millenniumhotels.com/en/offers/global/wecleancarewelcome/}}</ref>


==Ownership==
==Ownership==

Revision as of 15:19, 31 July 2020

Millennium & Copthorne Hotels
Company typePrivate
IndustryHotels
HeadquartersSingapore
Key people
Kwek Leng Beng, Chairman
Tan Kian Seng, Interim CEO
Revenue£997 million (2018)[1]
£105 million (2018)[1]
£93 million (2018)[1]
ParentCity Developments Limited
Websitewww.millenniumhotels.com

Millennium & Copthorne Hotels is a global hospitality management and real estate group, with 125 hotels in 22 countries in Asia, Australasia, Europe, the Middle East and North America. The company is headquartered in Singapore. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by City Developments Limited in September 2019. Millennium Hotels and Resorts operates the Lengs, M, Millennium and Copthorne hotel collections.

History

Part of the original Copthorne Hotel near Gatwick in West Sussex

The Group's origins date to 1972 when British Caledonian Airways acquired the Copthorne Hotel at Copthorne, West Sussex, near Gatwick. The Copthorne Hotels brand was launched in 1985.[2]

In 1989, Singapore-based CDL Hotels International acquired six hotels in Asia. In 1993, CDL made its first move outside Asia – purchasing the 548-room Gloucester Hotel and The Bailey's 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 Millennium Hilton New York Downtown 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 & Copthorne Hotels.[6] The company was first listed on the London Stock Exchange in 1996.[7]

In 1999, the company acquired Regal Hotels in the United States[8] and in 2001 it expanded into the Middle East with several management contracts secured in the United Arab Emirates. The first of six new hotels in China opened in 2008.[9]

In 2015, the group announced four new hotels to open in Dubai.[10] Still in 2015, the group's financial results slightly declined due to troubled events affecting tourism worldwide[11] which led to the resignation of its CEO Aloysius Lee.[12] Tan Kian Seng is currently serving as the interim CEO after Jennifer Fox has stepped down as the group's CEO in September 2018, just three months after her appointment.[13]. Clarence Tan was appointed CEO of Millennium and Copthorne Hotels in March 2020 [14], and left the role in July 2020 four months after his appointment [15].

In May 2020, Millennium & Copthorne announced 910 job losses from its 20 hotels in New Zealand as a result of the COVID-19 pandemic.[16]. In reaction to the COVID-19 Pandemic, Millennium and Copthorne Hotels created the We Clean We Care We Welcome Global Safety Commitment.[17]

Ownership

In June 2019 the company's board agreed to recommend a takeover offer, valuing the business at £2.23 billion, from City Developments Limited for the shares it does not already own.[18] The transaction became unconditional in September 2019.[19]

References

  1. ^ a b c "Preliminary Results 2018" (PDF). Millennium & Copthorne Hotels. Retrieved 18 March 2019.
  2. ^ "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. Archived from the original on 2015-04-04. 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. ^ Crystal Chesters (10 May 2015). "Millennium & Copthorne signs deal for 4 Dubai hotels". Arabianbusiness.com. Retrieved 28 September 2017.
  11. ^ Nathalie Thomas (19 February 2016). "Hotels facing 'uncertain climate' – Millennium & Copthorne". Ft.com. Retrieved 28 September 2017.
  12. ^ "Millennium & Copthorne Hotels CEO Lee to resign". Reuters.com. 24 August 2016. Retrieved 28 September 2017.
  13. ^ "Three months in, CEO Jennifer Fox leaves Millennium & Copthorne Hotels | Hotel Management". www.hotelmanagement.net. Retrieved 2018-10-25.
  14. ^ "CDL names veteran hotelier as group CEO for Millennium & Copthorne Hotels".
  15. ^ "M&C Hoyels CEO quits after four months as pandemic drags firm into the red".
  16. ^ McRae, Tom (26 May 2020). "'Really, really hard': More job cuts as Kiwis spend less during coronavirus pandemic". Newshub. Retrieved 28 May 2020.
  17. ^ "We Clean We Care We Welcome Global Safety and Cleanliness Commitment".
  18. ^ "Millennium & Copthorne Hotels shares soar as takeover bid agreed". The Independent. 7 June 2019. Retrieved 25 August 2019.
  19. ^ "CDL takeover offer for Millennium & Copthorne Hotels turns unconditional". Business Times. 14 September 2019. Retrieved 20 September 2019.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Millennium_%26_Copthorne_Hotels&oldid=970481276"