04 May 2006
M&C agrees to Beijing venture
A subsidiary of the Millennium & Copthorne (M&C) group – M&C Hotels (Hong Kong) – has entered into a definitive framework agreement with Beijing Xiangjiang Xingli Real Estate Development to develop and operate a new five-star hotel in Beijing, China.
The £77m, 520-bedroom Millennium Beijing hotel is currently under construction. It is scheduled to open in the first half of 2008.
M&C will initially hold 30 per cent of the joint venture, which is expected to increase to 70 per cent by 31 December. It will invest £53.9m.
The joint venture intends to fund the project via capital contributions and shareholders’ loans.
M&C will also manage The Millennium Hongqiao Shanghai hotel, scheduled to open in August.
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