MCK: Update on proposed Whangarei Hotel Development

6 April 2021




UPDATE ON PROPOSED WHANGAREI HOTEL DEVELOPMENT

Further to its release in November 2019 regarding its proposed purchase of land located in
central Whangarei from the Whangarei District Council, Millennium & Copthorne Hotels New
Zealand (“MCK”) advises that it has decided not to proceed with the agreement and the
associated development.

“We are disappointed that we are not able to proceed with the proposed development but the
landscape for tourism and accommodation has changed beyond measure since the
agreement for the land was entered into in 2019”, said MCK Managing Director Mr. BK Chiu.
“After a lot of time and work on this project, we have had to make the very difficult decision
not to take this agreement further”, he said.

The decision not to proceed with the proposed hotel will not impact on MCK’s 2021 trading or
financial position.

MCK thanks the Whangarei District Council for its understanding and cooperation during
negotiations and throughout 2020 while MCK was reassessing its business case for the
proposed hotel. As the negotiations have been confidential to the parties, neither MCK nor
Whangarei District Council will be making any further comment.


ENDS

Issued by Millennium & Copthorne Hotels New Zealand Ltd