The two will gain immediate access to each others' markets. While Millennium & Copthorne is strong in much of Europe, the USA and Asia, it was weaker in Germany which is one of the world's largest hotel markets. The companies expect that by exploiting synergies they will be able to reduce costs and leverage their marketing to increase revenues.
Kwek Leng Beng, Millennium & Copthorne's Singapore-based Chairman said: 'Maritim is the perfect partner for us in a strategic marketing alliance. The agreement gives us instant access to Germany, one of the world's largest hotel markets with a population of over 80 million, and provides an experienced partner with a shared vision.'
Maritim is one of Germany's largest hotel companies with a portfolio of 39 hotels with 10,550 rooms in all of Germany's key cities. The portfolio includes three international properties in Mauritius, Tenerife in the Canary Islands and Riga, Latvia. Millennium & Copthorne - the hotel arm of the Hong Leong Group - has 89 hotels with 24,343 rooms across Europe, the USA and Asia. In April 1996 it became the first Singapore-controlled company to be listed on the London Stock Exchange.
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