Millennium & Copthorne Hotels News
Downturn hits Millennium Copthorne
Millennium & Copthorne has revealed the full extent of the global downturn as profits and revpar tumble, with trading in the new year being particularly weak.The upmarket hotel chain, owned by the Singaporian billionaire Kwek Leng Beng, said it was implementing a recruitment freeze across its 103 hotels, cutting back on new capital expenditure and slashing its dividend by 50 percent.