NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 43 SIGNIFICANT INVESTMENTS IN SUBSIDIARIES (CONT’D) Principal activity Principal place of business/ Country of incorporation Ownership interest 2025 2024 % % Direct/Indirect subsidiaries of Millennium & Copthorne Hotels Limited (2) Beijing Fortune Hotel Co., Ltd. Hotel owner and operator People’s Republic of China 70 70 (2) Bostonian Hotel Limited Partnership Hotel owner USA 100 100 (2) Buffalo RHM Operating LLC Hotel owner USA 100 100 (2) CDL (New York) LLC Hotel owner USA 100 100 (9) CDL Hotels (Chelsea) Limited Hotel owner and operator United Kingdom 100 100 (2) CDL Hotels (Korea) Ltd. Hotel owner and operator Republic of Korea 100 100 (2) CDL Hotels (Malaysia) Sdn. Bhd. Hotel owner and operator Malaysia 100 100 (9) CDL Hotels (UK) Limited Hotel owner and operator United Kingdom 100 100 (2) CDL Hotels USA, Inc. Hotel investment holding company USA 100 100 (2) CDL Investments New Zealand Limited Investment and property management company New Zealand 56 53 (2) CDL West 45th Street LLC Hotel owner USA 100 100 (6) Chalon Heritage Hotel Operations SAS Hotel operator France 100 100 (6) Chalon Heritage Hotel SNC Property owner France 100 100 (2) Chicago Hotel Holdings, Inc. Hotel ownership USA 100 100 (1) City Hotels Pte. Ltd. Hotel operator and investment holding company Singapore 100 100 (2) Copthorne Aberdeen Limited Hotel management United Kingdom 83 83 (9) Copthorne Hotel (Birmingham) Limited Hotel owner and operator United Kingdom 100 100 (9) Copthorne Hotel (Cardiff) Limited Hotel owner and operator United Kingdom 100 100 (9) Copthorne Hotel (Effingham Park) Limited Hotel owner and operator United Kingdom 100 100 236 | CITY DEVELOPMENTS LIMITED
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