MCK currently owns, leases or has under franchise 18 hotels in New Zealand. It also has a majority stake in CDL Investments New Zealand Limited and has interests in properties in Australia through its Kingsgate Group subsidiaries.
City Developments Limited (CDL), through its wholly-owned subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ), is making an offer of NZ$2.25 ($1.72) for all the shares it does not own in New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK).
Following the completion of the offer, CDL intends to delist and privatise MCK, which will simplify the ownership structure of the group’s New Zealand entities, says CDL in a Jan 20 filing.
