SINCE Millennium and Copthorne bought Asian and Australian hotel group CDL, it has transformed itself into an interesting collection of properties around the world.
The group’s intention has always been to establish itself as a major global player but until it paid £556m for the CDL purchase in April it could not boast a sufficient worldwide presence.
The company has wasted no time in announcing its intentions to consolidate the CDL investment with a plan to spend a further £300m on acquisitions in the world’s major gateway cities.
At its recent interim financial results briefing, where it delivered an upbeat trading statement despite previous falls in the share price, Millennium and Copthorne declared it wanted a presence in Boston, Chicago, Los Angeles, Miami, Tokyo, Bangkok and Seoul.
This would put the chain on a competitive footing with the likes of Hyatt, Marriott and Hilton and confirm the company’s international position.
Executive director Vincent Yeo explained the strategy. He said: “We want to be a global player and getting into these gateway cities will allow us to do that. We plan to build on CDL’s Far East and Australian locations by using our £300m.”
He added: “The company has been digesting many rapid hotel expansions. Now we are poised to start buying again.”
Yeo said the company also plans to build on its feeder markets – making the customers they already have even more familiar with the brand so that they use it more often when they travel.
Millennium and Copthorne also plans to take its portfolio of hotels all up to the same standard and harmonise quality across the brand.
“We want to establish a uniform set of standards because we know we are going to find that the product is a bit inconsistent and, without taking away the hotel’s individual character, we need to put that right,” added Yeo.
The appointment of Tony Potter as Millennium and Copthorne’s new chief operating officer is also a sign of the company’s determination to move forward with the brand.
He is part of a management team which will operate out of London, with all of the chain’s locations reporting in to the office. Previously each market location was run locally and autonomously.