New Millennium hotel planned in Tokyo’s Ginza district

Millennium & Copthorne Hotels (M&C) made its first investment in the Japanese hotel market.

Its wholly-owned subsidiary, CDL Hotels has bought a property in the Ginza district of Tokyo for 9.5 billion yen (73.6 million pounds).

The M&C said it intends to build a hotel on the site and construction is targeted to be completed by the end of 2014. The development project will be project managed by Mitsui Fudosan.

The total investment for the acquisition and development is expected to be approximately 14.56 billion yen (approximately 113 million pounds).

M&C Chairman, Kwek Leng Beng said that securing a presence in the Ginza prime real estate area in Tokyo had been challenging due to the high premiums.

He said that M&C had been trying to break into the Tokyo market since the mid 1990s.

Source : Channel NewsAsia – 8 Jul 2011

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