END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital
Date: Aug 05, 2020
By: Crystal Hsu / Staff reporter
“We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店).
Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團).
The Grand Hyatt Taipei (台北君悅大飯店), owned and built by Hong Leong Hotel Development and affiliates, earlier sought to end cooperation with US hotel chain Hyatt Hotels Corp, which in 2018 inked a pact with private equity fund Riant Capital Ltd (子樂投資) to launch two sister brands nearby — Park Hyatt and Andaz, local media reported.