CDL Hospitality Trusts (as owner) and Millennium & Copthorne Hotels NZ Ltd (as manager) said yesterday they’d renewed the management lease of the Grand Millennium Auckland on Mayoral Drive for a further 3-year term from September.
Millennium & Copthorne
Scottish investment manager Aberdeen Standard Investments Ltd has lifted its stake in 2 NZX-listed companies controlled by the Hong Leong Group of Singapore – to 13.24% for its stake in Millennium & Copthorne Hotels NZ Ltd and 8.38% in CDL Investments NZ Ltd.
Hotel owner-operator Millennium & Copthorne Hotels NZ Ltd lifted net profit 24.4% in the June half-year to $39.6 million, on revenue up 22.5% to $127.5 million).
Minority shareholders in NZX-listed Millennium & Copthorne Hotels NZ Ltd have the opportunity to poke a stick at the majority controlling interest in the company at the annual meeting next Thursday, 31 May.
Millennium & Copthorne Hotels NZ Ltd has bumped its dividend up from 5c to 6c/share, fully imputed, after lifting profit by 6.7% in 2017.
The London-listed parent company of various hotel investment arms in the Hong Leong Group of Singapore has proposed privatising itself, but that wouldn’t change the status of listed entities it holds stakes in, including 2 in New Zealand.