City Development Hotel Trust signs new lease with Millennium Hilton International Hotel | Lianhe Zaobao
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The Urban Development Hotel Services Trust subsidiary has signed a new lease with Millennium & Copthorne Hotels International subsidiary to continue operating the Auckland Millennium Hotel. The new lease takes effect from November 24 and is for a term of five years, with an option to renew for an additional five years. Rent is charged based on the hotel's net operating profit, with a minimum rent guarantee each year. This arrangement provides downside risk protection for the trust and allows for sharing in the upside performance of the hotel
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