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M&C expansion continues despite slowdown
By Pete Hayman
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Heritage Great Britain
c£70,000pa + benefits + relocation support
location: Isle of Wight, United Kingdom
Brentwood School Sports Centre
£32,000 - £34,000pa + pension + benefits
location: Brentwood, Essex, United Kingdom
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Hotel operator Millennium and Copthorne (M&C) will continue with its plans to expand into Asia, despite slower growth in first-half figures.
The company has opened three new hotels in China since the beginning of the year, as well as four new properties in the Middle East. In a statement, chair Kwek Leng Beng, revealed that a further two Chinese sites will be opened later this year in Chengdu and Wuxi. Eight new management contracts have also been signed, which will see the opening of 7 new hotels in the United Arab Emirates and another in Kuwait between 2009-11. M&C has also invested $50m (£25.1m) in redeveloping its American hotels, the Millennium Bostonian in Boston and Millennium Knickerbocker, Chicago. Work is expected to be completed this month with the exception of the lobby area in Chicago, which will be finished in early 2009. Commenting on M&C's first half figures, which saw pre-tax profits increase by 8 per cent, Kwek Leng Beng said: "Within the hotel operations, strong performance in Singapore, New York and London was offset by slower growth in regional UK and New Zealand and the impact of refurbishing our hotels in Boston and Chicago. "Going forward, we note that the rate of growth has slowed in Asia in June and July 2008. In this uncertain economic environment, it is imperative that the group remains ever more vigilant in controlling costs and be able to react quickly to the changing market conditions."
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Hotel operator Millennium and Copthorne (M&C) will continue with its plans to expand into Asia, despite slower growth in first-half figures.
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