Millennium buys London hotel for pounds 81m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Millennium & Copthorne Hotels, which recently floated on the stock market, is boosting its presence in the booming London market by buying the 318-room Britannia in Mayfair from Inter-Continental Hotels for pounds 81m cash.
The company, which is 55 per cent owned by CDL Hotels, a Hong Kong hotel management group, adds the Britannia to its London portfolio of luxury hotels that includes the Gloucester, Bailey's Hotel, The Chelsea Hotel and the Copthorne Tara.
The Britannia has been valued at pounds 83m and made pounds 5.3m operating profits in 1995. Funding for the purchase will be drawn from Millennium's own resources.
Millennium's shares rose 3p to close at 318.5p. Its shares have risen almost 15 per cent since they began trading on 25 April.
The company said it would rebrand the Britannia as a Millennium property, denoting it a four-star deluxe hotel focused on the international business and leisure traveller.
After buying the Britannia, the company will own 16 hotels in Britain, three in France, two in Germany and three in New York - including a 42 per cent stake in the Plaza Hotel.
The company, which recently reported a 53 per cent increase in first- half pre-tax profits to pounds 15.1m, said selective acquisitions were an important step in its growth strategy.
Peter Taylor, director of UK operations, said: "London, other than where we're located now, is obviously of interest." A tourist boom and a room shortage in the capital is fuelling demand. Occupancy rates this summer hit their highest levels in a decade at 82.5 per cent.
The company is also looking at other locations including Europe and North America.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments