Millenium & Copthorne Hotels has today announced that its wholly-owned subsidiary, CDL Hotels (Korea), has entered into a conditional sale and purchase agreement with Woo Yang Industrial Development to acquire land in Korea, for a cash consideration of KW29.5bn (around 17.23m pounds).

The land, which covers a total area of 1,563.7 square metres, adjacent to the Millennium Seoul Hilton Hotel, is owned by M&C.

Completion is expected to take place in the second quarter of 2013 and is subject to certain terms and conditions being met.

Millenium & Copthorne Hotels Chairman Kwek Leng Beng said: "This is an exciting site for us to acquire as it is located immediately adjacent to our Millennium Seoul Hilton Hotel. The site has a lot of potential which I foresee will give M&C plenty of synergies and value to our operations in Seoul."

MF

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