Company Press Release: Millennium & Copthorne Hotels plc
December 21, 1999
LONDON -- The Board of M&C is pleased to announce that the acquisition of the US hotel interests of Regal Hotels
International (``Regal'') was completed on Friday 17 December, 1999.
M&C 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. M&C will withhold US$13.4 million (plus US$16.9 million
of attributable debt) from the total consideration of US$640 million. However, M&C 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 M&C 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 M&C Board of Directors, and will be relocating to Denver as an executive director of US Regal Hotels.
John Wilson, Chief Executive of M&C, 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.''
SOURCE: Millennium & Copthorne Hotels plc