UK hotels group secures 9/11 claim

MILLENNIUM & Copthorne Hotels has secured a final insurance settlement of $24.99m (£13.7m) for losses and damage at its flagship New York hotel. The Millenium [sic] Hilton was badly damaged and closed for two years for an extensive refurbishment following the 11 September terrorist attacks on the World Trade Centre.

M&C's wholly-owned subsidiary, CDL Hotels USA, has secured a total of $85m (£47m) from insurers for building repairs and loss of business. Travelers Property Casualty Company, which will make the final $25m, has covered $75m of the claims.

The hotel, opposite the World Trade Centre, was closed for 20 months. It was re-opened on 5 May 2003 by New York City Mayor Michael Bloomberg and New York State Governor George Pataki. The group was forced to lay off 500 staff in the months that followed the attacks, mainly as a result of fewer people travelling and staying at its hotels.

The M&C group, floated on the London Stock Exchange in 1996, owns a portfolio of four-star Copthorne hotels in the UK, France, Germany, New Zealand, Malaysia and Singapore. Its Millennium hotels are spread more globally. It is the 40th largest hotels group in the world.