Millennium & Copthorne Hotels NZ Reports Strong 2024 Performance and Strategic Expansion

City Developments ( (SG:C09) ) has issued an announcement.

Millennium & Copthorne Hotels New Zealand Limited reported a significant increase in revenue and profit in 2024, attributed to a strong performance in its core hotels business and improved sales in residential property markets. The company completed the acquisition of The Mayfair Hotel in Christchurch, enhancing its market reach, and saw consistent demand in its joint venture with Sofitel Brisbane. Despite global challenges, the company remains optimistic about its future growth prospects. Additionally, a takeover offer from CDL Hotels Holdings New Zealand Limited expired, with CDL HHNZ holding 84% of MCK’s shares, below the threshold for compulsory acquisition.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

More about City Developments

Millennium & Copthorne Hotels New Zealand Limited operates in the hospitality industry, focusing on hotel management and property investments. The company is involved in managing a portfolio of hotels and has a market focus on expanding its reach within the hotel and residential property sectors.

Average Trading Volume: 2,276,885

Technical Sentiment Signal: Strong Sell

Current Market Cap: S$4.33B

For detailed information about C09 stock, go to TipRanks’ Stock Analysis page.