City Developments (SG:C09) has released an update.
Millennium & Copthorne Hotels New Zealand Limited (MCK) has announced a conditional agreement to acquire land in Whangarei’s central business district for $2.24 million, aiming to develop a new hotel to enhance its presence in Northland. The company, rekindling a plan from 2019 amid a resurging tourism sector, intends to complement its existing Northland properties and bolster regional tourism. The deal, awaiting due diligence and funding from cash reserves and bank financing, is expected to reach completion in the second quarter of 2024.
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