Millennium & Copthorne Hotels Plc, the U.K.-based operator of about 110 properties in 18 countries, plans to open hotels in Chennai and Bangalore, marking its first entry in India.
Millennium & Copthorne will form a partnership with Rakindo Developers Pte, a venture set up by the government of United Arab Emirates sheikhdom Ras-Al-Khaimah, and Chennai-based Trimex Group. Millennium & Copthorne will inject $100 million into the venture, the company told reporters today in Singapore.
Millennium & Copthorne's new Chief Executive Officer Richard Hartman will lead the company's expansion in new markets after previously heading InterContinental Hotels Group Plc's Europe, Middle East and Africa unit. India, the world's second-fastest growing major economy, is seeing strong demand for accommodation from business travelers.
Millennium & Copthorne is 53 percent owned by City Developments Ltd., Singapore's second-largest real estate company.
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