Millennium & Copthorne Hotels Share News (MLC)

(Sharecast News) - Millennium & Copthorne Hotels said on Tuesday that it will rebrand the Millennium Hotel London Mayfair as The Biltmore, Mayfair, as part of its plan to reposition it as a new five-star deluxe hotel. The company also said that one of its subsidiaries has entered into a ten-year agreement with a Hilton subsidiary for the operation of the hotel as part of Hilton's new LXR Hotels & Resorts luxury hotel collection, the first of this collection to open in Europe.The refurbishment, which will cost an estimated £50m, started in November 2017 and the hotel was closed at the beginning of July 2018. The hotel is still on track to reopen in Spring 2019, with 308 guest rooms, including 51 suites.Interim group chief executive officer Tan Kian Seng said: "We are excited to introduce our flagship hotel, The Biltmore, Mayfair, in conjunction with Hilton's new luxury collection - LXR Hotels & Resorts. This hotel, located in the prestigious Grosvenor Square in Mayfair, has undergone a complete refurbishment."With its prime location, bespoke products, and quintessential services under LXR, The Biltmore, Mayfair will be fit for royalty, well-travelled guests from around the world and senior corporate executives. We look forward to welcoming our first customers in the coming spring." At 1100 GMT, the shares were up 0.7% to 499p.