Regal Hotels International Holdings' plan to sell its North American hotels to Millennium & Copthorne (M&C) may have run into an obstacle.
The company said yesterday it had missed last Thursday's deadline to sign a definitive sale agreement with M&C, a unit of CDL Hotels International.
M&C on September 3 signed a memorandum of general agreement to acquire Regal's interests in 29 North America hotels valued at US$725 million.
Regal and M&C yesterday refused to explain why the September 30 deadline to finalise the agreement was missed.
Regal said it would continue to hold discussions with M&C 'on a non-exclusive basis', triggering speculation that it might also start talks with other potential buyers for the North American Hotels.
However, 'we consider the talks to be exclusive', said Gerry DeSilva, a spokesman for CDL Hotels.
Mr DeSilva said the memorandum M&C signed with Regal was binding.