Sharechat Logo

Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) Update on Proposed Whangarei Hotel Development

Tuesday 6th April 2021

Text too small?

Millennium & Copthorne Hotels New Zealand advises that it has decided not to proceed with the agreement and the associated development.

“We are disappointed that we are not able to proceed with the proposed development but the landscape for tourism and accommodation has changed beyond measure since the agreement for the land was entered into in 2019”, said MCK Managing Director Mr. BK Chiu. “After a lot of time and work on this project, we have had to make the very difficult decision not to take this agreement further”, he said.

The decision not to proceed with the proposed hotel will not impact on MCK’s 2021 trading or financial position.

MCK thanks the Whangarei District Council for its understanding and cooperation during negotiations and throughout 2020 while MCK was reassessing its business case for the proposed hotel. As the negotiations have been confidential to the parties, neither MCK nor Whangarei District Council will be making any further comment.

Please see the link below for details:

MCK: Update on proposed Whangarei Hotel Development 060421

Source: Millennium & Copthorne Hotels New Zealand Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

BIF - Acquires shares in Hot Lime Labs
RUA - Cann Group granted TGA GMP for Mildura facility
AFI - Invitation to Results Webcast
PFI Share Buyback Programme to Pause
Greenfern Industries Limited ("GFI") - Late Annual Report
FSF - Monthly Allotment/ Redemption Notice
1st July 2022 Morning Report
General Capital Releases 2022 Annual Report
Fonterra, NZX, EEX confirm GDT strategic partnership
BIF - Annual Report 2022