M&C sells Seoul hotel for nearly £233m

24 June 2008 by
M&C sells Seoul hotel for nearly £233m

Millennium & Copthorne Hotels (M&C) is selling the Millennium Seoul Hilton Hotel in Korea for £232.6m, the hotel group has announced.

CDL Hotels, a unit of M&C, is selling its stake in CDL Hotels (Korea), which runs the Millennium Seoul Hilton, to Kangho AMC Co.

The disposal of the hotel, which has no links with Hilton Hotels, is expected to generate a pre-tax profit of £155m. Proceeds will be used to fund acquisition opportunities, earn interest income and reduce debt.

The sale, due to complete in September, is the company's largest since it sold the Plaza hotel in New York for £343m in 2004.
Kwek Leng Beng, chairman of M&C, said: "Our strategy of being an owner of hotel assets remains unchanged. However, the opportunity for sale, whilst unsolicited, further strengthens the M&C group's ability to take advantage of market and cyclical opportunities."

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