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Business News

M&C's £232m deal to sell Seoul hotel falls through

The worsening economic crisis hit the hotel group Millennium & Copthorne yesterday when it announced that a deal to sell its hotel in the South Korean capital Seoul has collapsed.

The FTSE 250 listed company had planned to sell the Millennium Seoul Hilton to Kangho for £232.6m, but said that the deal had fallen through after Kangho had been unable to raise finance for the deal. In a statement M&C said that while it was “ready, willing and able Kangho has, in the current difficult financial markets, been unable to finalise its financing arrangements.”