MILLENNIUM and Copthorne Hotels has agreed to acquire Regal Hotels’ properties in the US for £395m – £57m less than originally estimated (Travel Weekly September 13).
A Millennium spokeswoman said the deal had changed considerably since it was first announced in order to meet the regulations of the Hong Kong stock exchange, where Regal is listed.
The purchase is now an outright acquisition rather than a joint venture with Regal. Millennium has bought 28 hotels and gained management control of 19 others, bringing its total portfolio to 117. This includes the 673-room Seoul Hilton, which was also bought earlier this month.
The US hotels will be run out of Regal’s head office in Denver by a new chief executive for North America, who has not yet been appointed. Millennium has already earmarked 10 properties for disposal and plans to rebrand at least 12 of the remaining hotels as Millenniums.