城市發展有限公司(City Developments Limited, CDL)旗下酒店集團千禧國敦酒店股份有限公司(Millennium & Copthorne Hotels Limited, M&C)已經啟動位於馬來西亞檳城喬治市的槟城国敦胡姬酒店脫售協議程序,而售價為7千5百萬馬幣。

City Developments Limited (CDL)’s wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C) has entered into a Sale and Purchase Agreement to divest the Copthorne Orchid Hotel & Resort Penang in Malaysia for RM 75 million (approximately S$25 million).

Millennium & Copthorne Hotels. (PRNewsFoto/Millennium & Copthorne Hotels)

這項脫售計劃是呼應了集團在武漢肺炎大流行時期整頓業務及資本回收的號召,從非核心酒店資產變賣策略中換取相應的業務價值。
The divestment is in line with the Group’s strategy to extract value from its non-core hotel assets, streamline its portfolio and recycle capital following the onset of the COVID-19 pandemic.

自2020年初以来,這將會第三單非核心酒店資產脫售交易(而其中第一筆交易已經完成),帶來價值1億4百80萬的總銷售額,而CDL所獲得的稅前脫售收益為5030萬新幣,其中2390萬則會在2021年才能確定。
It will bring to three the number of non-core hotel asset disposals (of which one transaction has been completed) since the start of 2020, with a combined sales value of S$104.8 million and pretax divestment gains for CDL of S$50.3 million, of which S$23.9 million will be recognised in 2021.

槟城国敦胡姬酒店海景客房。(Photo:CDL)

這家擁有318間客房的檳城酒店脫售於馬來西亞股票交易所掛牌上市的瑋力產業集團(Ivory Properties Group Berhad),而買家也獲得酒店所在的永久地契土地權、酒店建築物及酒店內部所有的設備與個人資產。
The buyer of the 318-room Penang hotel is Bursa Malaysia-listed Ivory Properties Group Berhad which will acquire the freehold land that the hotel resides on, the hotel, and all fixtures, fittings, equipment and tangible personal property, in respect of the hotel.

总部位于伦敦的酒店集團千禧國敦酒店股份有限公司(Millennium & Copthorne Hotels Limited, M&C)以22.3亿英镑(39.6亿新元)的价格从伦敦证券交易所退市後,便在2019年11月19日被城市發展有限公司收購了。M&C以Millennium Hotels and Resorts這個全球品牌下,在亚洲(12家)、欧洲/英国(21家)、美国(18家)和新西兰(15家)运营66家酒店(其中7家由第三方管理),而另有79家以特许经营方式營運中。
The Group privatised the London-headquartered M&C on 19 November 2019 after delisting from the London Stock Exchange at a valuation of £2.23 billion (S$3.96 billion). M&C operates 66 hotels (seven of which are managed by third parties) in Asia (12), Europe/UK (21), USA (18) and New Zealand (15) under the Millennium Hotels and Resorts global brands; and 79 are under franchise and management contracts.

收購計劃完成後及大流行爆发以来,M&C已经重組了營運成本,并将营销资源转向了国内旅游业。这些努力已经使近几个月来从大流行中慢慢復甦的酒店业务萌起了绿芽。M&C选择性地從非核心酒店资产中撤資,同时在主要的門戶城市中保持客房供需。
Since privatisation and the outbreak of the pandemic, M&C has restructured costs and redirected marketing resources towards domestic tourism. These efforts have already resulted in green shoots of recovery of the hospitality business from the pandemic in recent months. M&C has also
selectively divested non-core hotel assets while maintaining a core room inventory with presence in key gateway cities.

配合接下來的策略,M&C在2020年第三季度行使了认沽期权,以1,720万英镑(约合3080万新幣)的价格脫售了英国伯明翰国敦酒店(Copthorne Hotel Birmingham)。這個脫售項目将在2021年第三季度完成,並将帶來1,470万新幣的税前脫售收益。而槟城酒店的脫售预计也会在2021年为CDL带来920万新幣的税前收益。
In line with the latter strategy, M&C exercised a put option in Q3 2020 to sell Copthorne Hotel Birmingham in the UK for £17.2 million (approximately S$30.8 million). This sale will be completed in Q3 2021 and will result in a pre-tax gain on disposal of S$14.7 million. The sale of the Penang hotel is expected to result in a pre-tax gain of S$9.2 million for CDL, also in 2021.

这两项资产脫售計劃是隨著武漢肺炎大流行發生,位於美国的Millennium Cincinnati以3600万美元(约合4,900万新幣)的价格脫售后,才開始進行。而這项脫售計劃于2020年2月14日完成,並为CDL带来了2640万新幣的税前收益,這筆收益于2020年上半年得到確定。根據M&C评估认为,旗下许多物业的土地价值目前已经大大高于當初购置的成本,此外,CDL的会计政策是随着时间流逝而將旧酒店貶值。但随着CDL擁有这些资产的长期持有權,使资本价值增加了。
These two asset disposals initiated after the onset of COVID-19 follow the sale of Millennium Cincinnati in the US for US$36 million (approximately S$49 million). Completed on 14 February 2020, this disposal resulted in a pre-tax gain of S$26.4 million for CDL which was recognised in 1H 2020.
M&C has assessed that the land values of many of its properties are now significantly higher than their acquisition costs, and in addition, CDL’s accounting policy is to depreciate the hotels over time. Their capital values have increased with the long-term hold of these assets.

值得一提的是,由于這类资产的收益回报(来自酒店業務收入和利润)不太可能在短期内恢復到武漢肺炎大流行之前的水平,因此M&C一直在不断地审查和调整投资業務,同時進行评估來自各方對於旗下非核心资产的獻議。这些獻議可能需要重新分区并获得监管部门的批准,才能更變酒店業務的商業用途。
Notably, as return on equity of such assets (from hospitality revenue and profits) is not likely to recover to pre-COVID-19 levels in the near-term, M&C is continually reviewing and fine-tuning its portfolio. It is currently evaluating other unsolicited offers for its non-core assets. These offers may be subject to re-zoning and regulatory approval for change of use from hospitality.

继以上三單脫售項目并考虑当前獻議之后,M&C預計从现在起到2022年底將再完成1至2單的脫售項目。目前,M&C在29个国家營運中,並拥有40,000余间客房。
Following the three divestments cited above and considering current offers, M&C expects to complete one to two more disposals between now and the end of 2022. It currently has an inventory of over 40,000 rooms and operations in 29 countries.