Announcement
GENERAL: MCK: Grand Millennium Auckland management lease renewed
04:15pm
MCK
01/07/2022 16:15
GENERAL
PRICE SENSITIVE
REL: 1615 HRS Millennium & Copthorne Hotels New Zealand Limited
GENERAL: MCK: Grand Millennium Auckland management lease renewed
GRAND MILLENNIUM AUCKLAND MANAGEMENT LEASE RENEWED FOR ANOTHER THREE YEAR
TERM
Millennium & Copthorne Hotels New Zealand ("MCK") is pleased to announce that
it has reached agreement with CDL Hospitality Trusts ("CDLHT") on a further
renewal of its management lease for Grand Millennium Auckland. This is the
second renewal term provided for under the current lease which commenced in
September 2019 and is for another three year term through to September 2025.
Outgoing MCK Managing Director Mr. BK Chiu was happy that MCK was able to
continue its management of one of Auckland's most significant hotels.
"Since we first took over in 2016, Grand Millennium Auckland has become a key
hotel for us in our New Zealand network. Not only is it one of the
cornerstone hotels in New Zealand's largest city but its importance as a
conference and meeting venue makes it even more important for us as we
continue to build on our recovery journey" he said.
MCK also noted that the amended term would include a reduction to the base
rent for the next three years.
"The changes to the base rent which have been agreed reflect the current
trading environment", said MCK's Vice President Operations Ken Orr.
CDLHT would continue to receive rent equivalent to the net operating profit
which was as part of the original lease in 2016.
With a total of 453 guestrooms and 1,619 square metres of conference space
including an 830 square metre ballroom, Grand Millennium Auckland is a true
international quality hotel and forms part of the global network of Grand
Millennium Hotels located in Beijing, Shanghai, Konya, Abu Dhabi, Dubai,
Muscat, Sulaimani, Kuala Lumpur as well as the international network of
Millennium and Copthorne hotels in Asia, Europe, Middle East and the USA.
Its central location is close to the Aotea Centre, Auckland Town Hall and the
city's main arterial routes and its proximity to the New Zealand
International Convention Centre and the City Rail Link's Aotea Square Station
makes it one of the best located hotels in the Auckland CBD.
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to:
B K Chiu / Ken Orr
Managing Director / Vice President Operations
(09) 353 5058
End CA:00394748 For:MCK Type:GENERAL Time:2022-07-01 16:15:16
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