Millennium & Copthorne Hotels has appointed industry veteran Jennifer Fox as new CEO
UK hotel chain Millennium & Copthorne Hotels has named former Fairmont Hotels & Resorts president Jennifer Fox as its new group chief executive and a member of its board of directors.
She takes the reins from interim CEO Tan Kian Seng, who has the role since February 2017, and who will remain at the company as chief of staff and assume other executive responsibilities.
Previously serving as president of Fairmont Hotels & Resorts, Fox was responsible for the brand’s global hotel portfolio and prior to this she held senior positions at InterContinental Hotels Group (IHG) and Starwoods Hotels & Resorts.
Fox will also continue to serve as an independent non-executive director of Village Roadshow, an Australian mass media and entertainment company.
Speaking of her appointment, Fox said: “I look forward to working with chairman Kwek and the board, together with my new Millennium & Copthorne Hotels colleagues around the world.
“The group’s distinctive portfolio of iconic properties gives it a strong edge in tackling the challenges in today’s global hospitality market. I see this as a significant opportunity at a time of great change in our industry.”
In February, the hospitality management and real estate group, said that its revenue per available room (RevPAR), a key measure of a hotel’s financial health, rose in all regions in its fourth quarter except in europe where it slumped 2.9%.
“I am delighted to welcome Jennifer to the group as our chief executive officer,” added Kwek Leng Beng, chairman of M&C.
“With her strong leadership and in-depth sales, marketing and branding background, she will play a critical role in repositioning our key hotels, uplifting brand awareness of the group, as well as improving the overall performance of our portfolio.
“On behalf of the board, I would like to thank Kian Seng for his commitment, support and the leadership he has provided. As chief of staff, he will assist Jennifer in expediting the progress of the group.”
Minor International edges closer to NH Hotel Group takeover with €619mn deal for HNA Group stake
Minor International in lining up the full acquisition of NH Hotel Group after purchasing an additional 25.2% stake in the Spanish company for €619mn.
Thailand-based Minor revealed its plans on Wednesday having completed a deal for the extra shareholding previously held by Chinese conglomerate HNA Group, taking its current total stake in NH Hotel Group to approximately 38%.
By moving beyond a 30% stake in the company, Minor is now eligible under Spanish law to launch a takeover bid – something it plans to do within the next few months.
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NH rejected a similar approach from rival Grupo Barcelo earlier this year however and any completion is subject to the approvals of Minor’s shareholders, the National Securities Market Commission of Spain (CNMV) and clearance by relevant anti-trust authorities.
The share purchase from HNA Group will be in two tranches of 65.85mn shares to be completed on or around 15 June and 32.94mn shares, expected to be completed in September. HNA is selling as part of a wider divestment of assets through which it hopes to complete debt repayments.
“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” said Dillip Rajakarier, CEO Minor Hotels.
“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalise on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees.”