“M&C recognises that while capital values of many properties have increased even amid the u uncertainty, return on equity of such assets (from hospitality revenue and profits) is not likely to recover to pre-Covid-19 levels in the near term,” the company says.
Millennium & Copthorne Hotels, the hospitality subsidiary of City Developments, is mulling offers for at least three of its properties, as part of its overall review of the business. It expects to conclude at least one such sale in 2021.
In line with the practice of its parent company, the value of the assets, acquired over the years, have not been revalued to market.
