Under the lease, CDLHT (BVI) One, a wholly-owned subsidiary of CDLHT, will receive rent equivalent to the net operating profit of the hotel, subject to an annual base rent of NZ$2.0 million (excluding GST).
CDL Hospitality Trusts (CDLHT) through its wholly-owned subsidiary has entered into a new lease agreement with Hospitality Services Limited for the continued operation of Grand Millennium Auckland.
The new lease commences on Nov 24 for a term of five years with an additional five-year renewal option subject to mutual agreement.
