The partnership allows members of both MyMillennium and MyMaritim loyalty programs to get discounts at participating properties across the two brands, Millennium said in a PR Newswire press release on Monday.
MyMaritim members can now book stays at acclaimed Millennium properties in global cities like Singapore, London, New York, Dubai, Phuket and Penang while MyMillennium members can access Maritim’s key spots across Germany, including Berlin, Frankfurt, Munich and Dresden.
Additionally, the collaboration extends to joint marketing and promotional efforts, with both groups set to attend roadshows and major trade events together. It also includes joint sales initiatives and shared employee privileges like friends and family rate access.
“It (the partnership) will enhance travel and strengthen our shared vision to cross borders with quality hospitality experiences,” Leng Beng, Millennium’s chairman and CDL’s executive chairman, said in the press release.
Millennium manages a portfolio of over 145 properties spanning Asia, the Middle East, Europe, the United States and New Zealand. Maritim, meanwhile, operates more than 30 hotels, mostly in Europe, with 25 based in Germany, according to The Business Times.
CDL shares rose 0.973% to close at S$5.19 (US$4.07) on Monday following the news, according to The Edge Singapore.
However, some analysts remained unsatisfied, with several saying that CDL has yet to fully address lingering concerns over recent governance issues at its board, as cited by The Straits Times.
The issue refers to Leng Beng’s public spat with his son and CDL’s CEO, Sherman Kwek, which began in late February.
At the time, Leng Beng sued Sherman, accusing him of orchestrating “an attempted coup” by sidestepping the company’s nomination committee to push through board changes and implement governance reforms.
The dispute quickly escalated, with Sherman publicly blaming his father’s long-time advisor Catherine Wu, and Leng Beng pointing to what he called a “long series of missteps” by his son that had hurt the company’s share price.
Wu was an advisor to the board of Millennium Hotels before she resigned in March amid the feud. The lawsuit was also abruptly dropped that month.
Analysts also noted that CDL has not clearly outlined a long-term strategy and details of its plans to resolve its rising debt.
Last month, the group entered an agreement to sell its 50.1% stake in the South Beach mixed-use development to joint venture partner IOI Properties Group for S$834.2 million (US$647.2 million), a move seen as part of efforts to pare debt and restore investor confidence.
“This transaction gives a strong boost to CDL’s efforts to accelerate capital recycling so as to reduce gearing and redeploy capital,” Sherman said of the South Beach deal in early June.
