CDL Hospitality Trusts enters into new lease agreement with Millennium & Copthorne Hotels for New Zealand hotel 

[SINGAPORE] A CDL Hospitality Trusts (CDLHT) unit has inked a new lease agreement with a subsidiary of Millennium & Copthorne Hotels for the continued operation of Grand Millennium Auckland. 

The new lease will run for a term of five years, with an additional five-year renewal option subject to mutual agreement, the stapled group’s manager said in a bourse filing on Monday (Nov 24). 

Under the lease, the landlord will receive rent equivalent to the net operating profit of the hotel, subject to an annual base rent of NZ$2 million (S$1.5 million), excluding GST. 

This structure provides some degree of downside protection to CDLHT while allowing participation in any performance upside, the group said. 

The rental framework remains unchanged from the final year of the previous lease between both parties, which had been operating on a holdover basis since Sep 6, 2025. 

Grand Millennium Auckland is a 453-room hotel in the heart of Auckland, New Zealand. 

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CDLHT poised to benefit from interest-rate cuts as hotel outlook improves 

As one of the city’s largest hotels with extensive conference facilities, it has undergone substantial refurbishment, with remaining works on track to complete in 2025.

The opening of the New Zealand International Convention Centre in early 2026 is expected to drive stronger demand for meetings, incentives, conferences and exhibitions (Mice), positioning the hotel to capture this uplift as it completes its multi-year refurbishment by end-2025.

CDL Hospitality Trusts closed 0.6 per cent or S$0.005 higher at S$0.825 on Monday before the announcement.