Completion of Disposal of Studio M Hotel Singapore

For immediate release 3 May 2011

Completion of Disposal of Studio M Hotel Singapore

Millennium & Copthorne Hotels plc ("M&C") is pleased to announce completion of the sale of its Studio M Hotel Singapore to DBS Trustee Limited as trustee of CDL Hospitality Real Estate Investment Trust ("H-REIT").

As disclosed in the announcement issued on 2 March, 2011, following the completion of the sale, the Hotel will continue to be branded as a "Studio M Hotel" and will continue to be managed by the M&C group, which will now be making rental payments to H-REIT.

The sale price was S$154.0 million (£76.3 million 1)cash.

Realised profit from the disposal will be S$34.5 million (£17.1 million 1). Unrealised profit of S$18.6 million (£9.2 million 1) will be credited to M&C's balance sheet under 'Investment in joint ventures and associates', arising from the M&C group's 35.0% interest in the stapled securities of CDL Hospitality Trusts (the stapled group of which H-REIT is a part).

Enquiries

Millennium & Copthorne Hotels plc Tel: +44 (0) 20 7872 2444

Richard Hartman, Chief Executive Officer

Adrian Bushnell, Company Secretary

Beng Lan Low, Senior Vice President Finance

Peter Krijgsman, Financial Communications (Media)

1. Based on £1= S$2.0175 as at 31 March 2011