| LONDON, Dec. 20, 1999 - The Board of MC is pleased to announce
that the acquisition of the US hotel interests of Regal Hotels International
(�Regal�) was completed on Friday 17 December, 1999.
 MC
has agreed with Regal to defer the acquisition of Regal�s interest in the
Regal Bostonian until such time as discussions with the co-owner have been
completed. MC will withhold US$13.4 million (plus US$16.9 million of attributable
debt) from the total consideration of US$640 million. However, MC will
now take over management of the hotel.
Thomas O�Leary has resigned as Chief Executive of Regal US to pursue
other opportunities.
An announcement regarding his replacement will be made at an appropriate
time. Gordon Stevenson, who has joined the MC Group, has been appointed
Senior Vice President for Sales Marketing with immediate effect for the
Group�s US interests, including the Regal Group of hotels. He will be located
in the corporate office in Denver. Alan Bridle has today resigned from
the MC Board of Directors, and will be relocating to Denver as an executive
director of US Regal Hotels.
John Wilson, Chief Executive of MC, said today: �We are delighted to
have completed the acquisition, which confirms our position as a truly
global hotel owner operator. We expect to appoint a new CEO of Regal
US shortly, and in the interim we are strengthening the management of the
enlarged US operations with the appointment of Gordon Stevenson and with
Alan Bridle�s relocation to Denver.�
ING Barings Limited (�ING Barings�), which is regulated by The Securities
and Futures Authority Limited, is acting for Millennium Copthorne Hotels
plc and no one else in relation to the Acquisition and the Placing and
Open Offer and will not be responsible to anyone other than Millennium
Copthorne Hotels plc for providing the protections afforded to customers
of ING Barings.
About Regal -
Regal's North America hotels are within the ownership
portfolio of Richfield Holdings, Inc. a multifaceted hospitality company
owned by Regal Hotels International Holdings LTD, which is publicly traded
on the Hong Kong stock exchange. Headquartered in Englewood, Colorado,
Richfield was formed in 1992, following consolidation of three hotel management
companies purchased by the Regal holding company in 1989. Both in Asia
and North America, Regal's primary business focus is serving domestic and
international corporate group and transient business travelers, as well
as high-end leisure travelers. With global account offices in Washington,
D.C., Chicago, Los Angeles, Denver and Hong Kong, Regal has in place a
world-class sales team representing all of the hotels and facilities under
the Regal Hotels and Richfield Hospitality Services banners. The team of
global sales professionals serves association, meeting and corporate group-business
decision-makers with a range of properties with tremendous variety of product
and style. |
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