CDL hotel arm mulls asset disposal

Singapore

CITY Developments Limited's (CDL) hotel arm Millennium & Copthorne Hotels (M&C) is reviewing its portfolio and may dispose of some assets in a drive to recover from the effects of the Covid-19 pandemic by as early as 2021, it said on Wednesday night.

"Having received expressions of interest for various assets globally, M&C is assessing at least three offers," it said. Some offers are subject to re-zoning and regulatory approval for a change of use from hospitality.