CDL subsidiary invests US$30m in Millennium UN Plaza hotel renovation
In a show of confidence in the recovering US economy, Millennium & Copthorne Hotels will revamp the Millennium UN Plaza in New York.
In a news release, Singapore’s leading hotel group Millennium & Copthorne Hotels announced that it is investing US$30 million in a first phase of a multimillion dollar renovation of the Millennium UN Plaza Hotel New York, whose iconic glass skyscrapers overlook the famous United Nations Building. The capital expenditure is a move that indicates confidence in the city’s hospitality sector and the US economy.
Despite global economic uncertainties, including a sluggish US economy, the continuing Euro zone crisis and a slowing China market, M&C has proceeded with the renovations – mainly because the hotel group has hardly any borrowings.
Mr Kwek Leng Beng, Chairman of Millennium & Copthorne Hotels says, “While investors may grow pessimistic in this current financial climate, we choose to take a long-term view of our investments in gateway cities. We are confident our investment in the US economy will be successful because fortunately, we have the resources to do so.”
M&C, a subsidiary of listed property giant City Developments Limited, is already planning additional investments to revamp the Millennium UN Plaza to its former glory. Two more phases of renovation starting in 2013, may see more funds being sunk into the 427-room hotel located in upper east NY, across from the East River.
With more than 108 hotels worldwide and over 30 properties in the pipeline, London-listed M&C continues to be one of the world’s largest hotel owner and operator. Both M&C and CDL are members of Hong Leong Group Singapore.