Millennium & Copthorne Hotels acquires a further 30% of Quantum

Millennium & Copthorne Hotels settled an acquisition on Friday for the remaining 30% stake in overseas investment office Quantum.The hotel firm has paid a consideration of $14.25m for the additional interest in Quantum.Quantum is the principal operating subsidiary of Millennium & Copthorne Hotels New Zealand (MCK) and owns or leases seven hotels including Millennium Hotel Queenstown, Copthorne Hotel Rotorua and Kingsgate Hotel Dunedin.UK-listed Millennium & Copthorne Hotels has a controlling interest in MCK, which is listed on the New Zealand Stock Exchange.By 14:50 in London, the stock was up 1.3% at 582p.