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Millennium Hotel and Resort Assignment

Millennium Hotel and Resort Assignment Sample

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Millennium Hotel and Resort Assignment 

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Brief Introduction - Millennium Hotel and Resort Assignment 

Millennium Hotel and Resort

This hotel is chain is present across the world with its headquarters in London as well as in Singapore. This hotel chain had come into existence during the year 1989, and was considered a top hotel chain as it had 6 Asian hotels. The main area for expansion was done within Asia as it had acquired many hotels within China and its biggest stake was within the Grand Millennium Beijing. The year 2001 was a huge step forward within the global market as these hotels had acquired within the middle east and before this in the year 2000 it had set-up a headquarter within London. The hotels make sure to offer rewards to its customers so that they can keep on choosing this brand (My Millennium, 2021).

Meliá Hotels International

Being founded in 1956, this hotel chain has become the seventeenth largest hotel chains around the world. Having a headquarters within Spain, the hotel has around three hundred plus hotels that are present across the world. The key area that is focused upon by the hotels is that along with providing a fabulous experience to the customers it makes sure to focus on sustainability also. The level of social commitment is focused upon in which it makes sure that the level of inequality present within the countries that the hotel is in, like China is lowered (Melia, 2021).

Shangri-la Asia limited

This is a hotel chain which is situated within Hong-Kong. This hotel chain is a subsidiary of the Shangri-La Group which is a global corporation having a number of companies operating under it. There are about a 100 hotels that are located across the world and these seem to be divided further into five various brands. These brands are,

  • Hotel Jen
  • Shangri-La Resorts
  • Shangri-La Hotels
  • Traders Hotels
  • Kerry Hotels (Shangri-La Group, 2021)

Business Model

It is important to understand the business model for each of the organisations that have been mentioned as it provides an overview of how the main organisation, being Millennium Hotel and Resort, is conducting operations within the global market against its competitors.

All of the three hotels that are present seem to be using franchising and subsidiaries in order to enter into the international markets. Both of these strategies seem to be beneficial as it helps to create a huge outline of what are the various areas that need to be taken into consideration while taking a franchise of the hotels. Understanding each international market and making sure that the culture of that country is also taken into account for the operations is a huge step forward that is taken by the hotels (Zió?kowska, 2017). Being able to give the operations to a second party while keeping control of the decisions made helps to make sure that too much of power is not given to them. Hence, knowledge about the market is acquired and the power to make crucial decision and the level of maintenance that is to be kept is shown by the parent organisation.

In the case of Millennium Hotel and Resort the business model focuses upon creation of value regarding the long-term. This has been its main focus that it wants to achieve through the business model hence through franchising the training of employees can be done according to the host country that is being targeted. Being able to diversify its operations to franchising the profit that is attained is high as the optimisation of earnings is also increased.

Melia Hotels have also adopted the strategy of leasing hotels in other countries and running them. This is effective in nature for the organisation as it can lease a hotel that is doing well hence all of the assets and liabilities are managed by Melia. It should be understood here that this type of strategy helps to adopt not only the hotel but also its culture and employees. It manages all of the employees and shows what type of market and customers are present within it. The management of diversity is effectively done here. As for Shangri-la, the strategy of franchising is based on the achievement of fair value through comprehensive income and fair value through profit and loss. This shows that management of the financial income of the hotels is supported by management of using this strategy within the international markets (Hagelstam, M., 2018).

Brands

All of the three hotels have brands which have helped to spread the operations further into international markets. Looking at Millennium Hotels, the group seems to have a number of brands operating within it as all of its chains are not necessarily providing services in hospitality but also make sure to provide products through its luxury categories under Leng’s Collection. All of the assets that are present with the organisation are distributed according to the brands so that the services which are being provided can be effectively managed. This giver a higher level of satisfaction to the customers so that there can be better management of all of the chains that are present around the world.

Melia Hotels have divided all of their brands into three categories so that management of diversity can be effectively handled.

(Source: Consolidated Financial Statements, 2020)

From the above image it a be seen that the six brands by the hotel have been further divided up into different areas of importance and also in terms of demographic as well as psychographic. It does seem that this hotel chain has better management of all its brands. It makes sure to see what brands it should be focusing on and from the two factors it can devise strategies accordingly.

Shangri-la has also a diverse number of brands and has shown this is very different terms.

(Source: Annual Report, 2020)

The above graph helps to see the different brands that are owned by the organisation and how many hotels come under them.

Geographic Outlay

Millennium Hotel and Resort have created geographic segments both countries and cities that it is operating in.

(Source: Annual report, 2020)

From the above image it can be seen that not only geographical locations have been identified but also on how much of operating profit is being achieved from each one of the segments. This helps to clear out which one of its segments provides the largests profit and whether the hotel chains are preforming well within these segments or not.

The case of Melia Hotels has also been shown in a similar format,

(Source: Consolidated Financial Statements, 2020)

The key different between Melia and Millennium hotels is that Mellennium hotels seem to be spread out in a wider geographic area. Having such a competitive advantage is highly likely to help to increase the operations and provide a higher revenue as there are more areas that can help to manage the expenses hence increase the level of revenue.

On the other hand the key competitor being Shangri-La seems to be highly spread out across the world as compared to both of the other hotel chains.

(Source: Annual report, 2021)

Competitive Advantage

From the above outline it seems that though Millennium might have dominance in keeping all of the brands in an effective order but it seems that in terms of geography the Shangri-La seems to have higher dominance. The geographic outlay of Millennium is not that high and it would need to have more hotels present across the world in order to compete with this number. However it seems that most of the hotels of Shangri-La are based within the Asia Pacific area but it does not have presence within the United States of America. This is a huge let down as there is a huge amount of customers that can be targeted there. This is where the upper hand is found by Millennium as it has presence within USA also hence making its reach further than the rest of the two competitors.

Corporate Governance

The structure of the governance matters as it shows how the operations can occur within the workplace. It shows whom holds what type of power within the hotel and the various designations that are present within the hotel.

Millennium Hotel and Resort

The hotel seems to be chaining its board members often as there were a number of uncertainities that have been faced. The year 2020 results have been presented in which it can be seen that changes in both executive and non-executive members can be seen.

(Source: Annual report, 2020)

Meliá Hotels International

Instead of showing the names of the whom are the executive and non-executive members present within the organisation a flowchart has been presented through which it can be identified how the flow of power is present within the hotel chain.

(Source: Annual Report, 2020)

Shangri-La Asia Limited

(Source, Annual Report, 2020)

Factors

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

No. of board members

10

11

8

Non-executive Directors

3

6

6

Female on board

1

3

2

Board Committees

? Audit Committee

? Remuneration Committee

? Nominations Committee

? Risk Committee

? Appointments, Remuneration and CSR committee

? Audit and Compliance committee

? Strategic and planning committee

? Operations committee

? Investment Committee

? Expansion Committee

? Sustainability Committee

? Executive Committee

? Nomination Committee

? Remuneration Committee

? Audit and risk Committee

? Internal Committee

Corporate Responsibility

Looking at the Corporate Responsibility of the Millennium Hotel and Resort it seems that there are a number of policies that have been put into place. One of the policies that is present within the hotel chain is of CODE of Ethics and Business Conduct policy. This policy shows what the responsibilities of all of the employees present irrespective of the place that it is present in. These can be making sure that the employees follow all of the rules and regulations present within the origination and make sure to provide a higher level of transparency that is present (Policy and Procedure, 2015). The other area that has been targeted by is to develop the FTSE4Good Ibex (2008) which showed an international benchmark for investors and it was the first travel organisation to do so.

Millennium has other governance policies like Group environmental policy statement and also the Group human rights policy. Both of these polices outline how human rights are held up by making sure that ethics and social values of the communities are being adhered to (Human Rights Policy, 2017).

Financial Performance Analysis

Profitability Ratios

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

2018

2019

2020

2018

2019

2020

2018

2019

2020

Revenue

218,838.00

229,669.00

171,982.00

1895920

1535700

1458962

2,102,777

2,441,138.39

2,779,499.85

Gross Profit

121,647.00

122,321.00

81,253.00

1356389

111238.5

75639

90,631.75

-35567.5

-161766.75

Gross Profit Margin

1.80

1.88

2.12

1.40

13.81

19.29

23.20

-68.63

-17.18

Operating Income

3,742.00

3,886.00

3,311.00

2,695.00

2,156.00

1,186.00

680.30

24.80

-630.70

Net Sales

218,838.00

229,669.00

171,982.00

188,657.00

136,545.67

113,117.67

87,432.57

60,578.67

33,724.77

Operating Profit Margin

2%

2%

2%

1%

2%

1%

1%

0%

-2%

Net Income

49,375.00

49,662.00

45,963.00

44,921.33

43,215.33

41,509.33

39,338.30

37,433.00

35,527.70

Net Sales

218,838.00

229,669.00

171,982.00

159,973.67

236,789.00

165,980.00

174,107.43

167,850.33

161,593.23

Net Profit Margin

0.23

0.22

0.27

0.28

0.18

0.25

0.23

0.22

0.22

EBIT

83,076.00

107,509.00

69,818.00

73,543.00

66,914.00

60,285.00

46,408.20

36,673.00

26,937.80

Total Assets

901

1,015

995

1064.333333

1,111

1158.33333

1,190

1230

1270.3

Current Liabilities

34

35

33

33

32.5

32

31.15

30.5

29.85

Capital Employed

867

980

962

1031.333333

1,079

1126.333333

1,159

1199.5

1240.45

Return on Capital Employed (ROCE)

95.82

109.70

72.58

71.31

62.02

53.52

40.06

30.57

21.72

Total Investments

123000

165000

198000

237000

274500

312000

348450

385500

422550

Net profit

49,375.00

49,662.00

45,963.00

44,921.33

43,215.33

41,509.33

39,338.30

37,433.00

35,527.70

Return on Investment (ROI)

40%

30%

23%

19%

16%

13%

11%

10%

8%

Table 1: “Profitability Ratios Analysis”

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

Table- Revenue in 2018-20

Comment- Here, Sangri-la has shown continuous growth whereas Melia Hotels International has a slightly downwards trend while Millenium hotel and resort has been stagnantly low in generating revenue.

Table- Gross Profit in 2018-20

Comment- Sangri-la Asia has shown profit only in the year 2018 and has bore loss in the next two years whereas Millennium Hotel and resort has remained profitable but there was a slight downtrail due to the covid-19 pandemic. Melia Hotels Profit slipped drastically in 2019 which is quite concernful.

Table: Operating profit ratio during 2018-20

Comment- We see that operating profit was consistent in Millennium Hotel and resort but fluctuated in Melia Hotels international while in Sangri-la Asia, it was negative in 2020. However, accounting for the data of 2020 will be attributable to covid pandemic. Millennium Hotel has higher operating profit but Melia Hotels international has shown growth between 2018 and 2019.

Table- Return on capital employed during 2018-20

Comment- Return on capital employed is diminishing in Shangri-la Asia Limited and the company might lose its lustre soon for investors. Melia Hotels international has a downtrail trend too but is higher than Shangri la. Millennium Hotel and resorts have the highest ROCE among the three competitors and have shown improvement in 2019.

Table- ROI during 2018-2020

Comment- All the three hotels have shown diminishing ROI. Still, the best performing in terms of ROI is Millennium Hotel and resort.

Operational Efficiency Ratios

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

2018

2019

2020

2018

2019

2020

2018

2019

2020

Net Sales

218,838.00

229,669.00

171,982.00

188,657.00

136,545.67

113,117.67

87,432.57

60,578.67

33,724.77

Average Inventory Value

590

5400

4400

3700.33

2900.83

2200.33

1400.83

700.33

1800.17

Stock Days (in days)

370.91

42.53

39.09

50.98

47.07

51.41

62.41

86.50

18.73

Balance of Accounts Receivable

2200

2100

1200

833.3333333

333.3333333

166.6666667

150

145

142

Net Credit Sales

31,086.00

22,827.00

12,204.00

6,469.44

1,927.78

633.89

273.50

262.45

213.00

Accounts Receivable Turnover

14.13

10.87

10.17

7.76

5.78

3.80

1.82

1.81

1.50

Credit Purchases

20591.993

18257.3784

-374.0848

219.1986

11414.925

32885.3641

64630.5159

106650.3804

158944.9576

Average Accounts Payable

51869

74856

6586

-846

-23487.5

-46129

-68770.5

-91412

-114053.5

Accounts Payable Growth

39.70%

24.39%

-5.68%

-25.91%

-48.60%

-71.29%

-93.98%

-116.67%

-139.36%

Net Sales

218,838.00

229,669.00

171,982.00

188,657.00

136,545.67

113,117.67

87,432.57

60,578.67

33,724.77

Average Total Assets

901

1,015

995

1064.333333

1,111

1158.333333

1,190

1230

1270.3

Asset Turnover Ratio

242.8834628

226.2748768

172.8462312

177.2536799

122.8665267

97.65553957

73.49127231

49.25094851

26.54866305

Table 2: “Operational Ratio Efficiency Analysis”

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

The level of efficiency was high in 2018 and all the ratios assessing efficiency fell down as moving from one FY 2018 to FY 2020. ROI every investment has fallen down definitely due to uncertainties within the hospitality industry. Though the stock days for Millennium Hotels have shown a better picture as the company has decreased the value over the 3 FY. Lowering down of value means the business has converted inventory into cash within a short period.

Table- Asset Turnover ratio

Comment- During the period, all the three companies have dissatisfied their investors by not generating enough revenue as per their assets. The asset turnover is declining over time.

Liquidity Ratios

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

2018

2019

2020

2018

2019

2020

2018

2019

2020

Current Assets

203

240

262

294

198

165

382.5

412

189

Current Liabilities

34

35

33

33

32.5

32

31.15

30.5

29.85

Current Ratio

5.97

6.86

7.94

8.91

6.09

5.16

12.28

13.51

6.33

Current Assets

203

240

262

294

198

165

382.5

412

189

Inventory

59

54

44

37.33333333

29.83

22.33

14.83

15.96

20.63

Current Liabilities

34

35

33

33

32.5

32

31.15

30.5

29.85

Quick Ratio/Acid Test

4.24

5.31

6.61

7.78

5.17

4.46

11.80

12.98

5.64

Cash and Cash Equivalents

29,686.00

63,536.00

86,097.00

116,184.00

144,389.50

172,595.00

200,800.50

229,006.00

257,211.50

Current Liabilities

34

35

33

33

32.5

32

31.15

30.5

29.85

Cash Ratio

3.56

4.74

6.03

7.25

8.48

9.72

5.23

4.21

4.22

Table 3: “Liquidity Ratios Analysis”

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

Table Current Ratio

Comment- Sangri-la had a tremendous current ratio in 2018 but it slipped eventually and Millenium Hotel had a greater current ratio in 2020 than both its peers.

Millennium Hotels has a very good liquidity position in all three financial years that means the company is able to generate enough liquid cash from business operations. The competitors of this company are also able to maintain a sufficient solvency rate.

Gearing or Leverage Ratios

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

2018

2019

2020

2018

2019

2020

2018

2019

2020

Total Debt

64

81

52

53.67

47.67

41.67

35.67

29.67

23.67

Total Equity

640

715

744

803.67

855.67

907.67

959.67

958.00

980

Gearing Ratio

0.100

0.113

0.070

0.067

0.056

0.046

0.037

0.031

0.024

EBIT

83,076.00

107,509.00

69,818.00

73,543.00

66,914.00

60,285.00

46,408.20

36,673.00

26,937.80

Interest Expenses

1,735.00

2,649.00

2,014.00

2,411.67

2,551.17

2,690.67

2,830.17

2,969.67

3,109.17

Interest Cover (in times)

47.88

40.58

34.67

30.49

26.23

22.41

16.40

12.35

8.66

Total Liabilities

1770

2080

1520

1540

1410.5

1290

1160.5

1100

1150

Shareholders' Equity

640

715

744

803.67

855.67

907.67

959.67

958.00

980

Debt to Equity Ratio

2.77

2.91

2.04

1.92

1.65

1.42

1.21

1.15

1.17

Total Debt

64

81

52

53.67

47.67

41.67

35.67

29.67

23.67

Total Assets

901

1,015

995

1064.333

1,111

1158.3333

1,190

1230

1270.3

Debt to Assets Ratio

0.071

0.080

0.052

0.050

0.043

0.036

0.030

0.024

0.019

Table 4: “Gearing or leverage Ratios Analysis”

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

Results of financial leverage ratios reflect a balance between "shareholders' equity" and "long-term debt". Millennium Hotel capability in maintaining a proper gearing ratio has fallen down at 0.070 and this indicates the company has not been able to pay off debt. Though, Millennium is a high leverage company compared to its competitors as a result the company is going to have less risk in sustaining within the hospitality industry.

Table- Debt-Equity ratio

Comment- All the three have been trying to keep their debt low but only Melia Hotels and Sangri-La hotels have kept it below the level of two however, the trend shows Millennium might achieve the sound Debt-to equity ratio soon as it has tremendously lowered its portion of debt.

Investment Ratios

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

2018

2019

2020

2018

2019

2020

2018

2019

2020

Annual EPS

14.5

0.6

5.2

5.32

1.95

1.33

6.31

2.43

0.12

Annual DPs

Not Available

0.07

Not Available

0.55

0.23

0.15

1.2

1

1

Dividend Coverage (in times)

Not Available

8.57

Not Available

9.67

8.48

8.87

5.26

2.43

0.12

Net Income

49,375.00

49,662.00

45,963.00

44,921.33

43,215.33

41,509.33

39,338.30

37,433.00

35,527.70

Number of Shares

4230

4230

4524

4622

4769

4916

5063

5210

5357

Earnings Per share

11.67257683

11.74042553

10.15981432

9.719024953

9.06171804

8.443721183

7.769761011

7.18483685

6.632014187

Share Price

9.63

5.36

2.38

8.63

4.23

1.38

7.63

4.63

2.35

Earnings Per share

14.5

0.6

5.2

5.32

1.95

1.33

6.31

2.43

0.12

Price to Earnings Ratio

0.66

8.93

0.46

1.62

2.17

1.04

1.21

1.91

19.58

Table 5: “Investment Ratio Analysis”

Table- Price-earning Ratio

Comment- There is an unusual spike in the PE of Sangri-la Asia which means investors have bet on its growth in future while other two companies are available at a lower price in comparison of their earnings.

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

Millennium hotels have not clearly published the amount of dividend payment to its customers in FY 2019 and 2020. Therefore, by observing other ratios under-investment category it is easily recognizable that Millennium Hotels provides a better return to its customers than competitors. Hence, shareholders of Millennium are more confident in investing in this business and getting a better return in future. The value of “price earnings ratio" is highly significant for Millennium Hotels as it provides a picture of the company's long-term stability.

Particulars

Millennium Hotel and Resort

Melia Hotels international

Sangri-la Asia limited

Dec-18

Dec-19

Dec-20

Dec-18

Dec-19

Dec-20

Dec-18

Dec-19

Dec-20

Weighted Average Shares Outstanding

4230

4230

4524

4622

4769

4916

5063

5210

5357

Earnings Per Share

14.5

0.6

5.2

5.32

1.95

1.33

6.31

2.43

0.12

Price to Earnings ratio (P/E)

0.66

8.93

0.46

1.62

2.17

1.04

1.21

1.91

19.58

Market Capitalization

2123.06

2441.01

2500.03

2731.67

2920.155

3108.64

3297.125

3485.61

3674.095

Table 6: Millennium Hotel and Resort, Melia Hotels international and Sangri-la Asia limited “Investor Returns Analysis Data”

(Source: Influenced by annualreports.com (2019), meliahotelsinternational.com (2018), sitecore-cd.shangri-la.com (2020)

Analyzing the “Investors’ Return” table, the performance of Millennium Hotel is said to be much better in FY 2018 than the other two years. The reason is poor market conditions and its impact on the hospitality industry. Still the shareholders of this company are quite confident with the sustainable earnings from shares.

Identification of ratio and company’s performance 

Financial Performance of Millennium Hotel has been judged on the basis of four different ratio categories such as profitability, operational, efficiency, liquidity, leveraging and investment. Profitability ratios have helped to understand this hotel’s capacity to generate profit from business operations through the support of net or gross profit margin (Zorn et al. 2018). Operational ratios have been computed to evaluate this hotel’s potential to lower down current liabilities to increase current liabilities. Extracting liquid cash from operations is being shown by the liquidity ratios (meliahotelsinternational.com, 2021). Leveraging equity capital through restructuring investment activities are being analysed through ratios of remaining two ratio categories. The performance of Millennium Hotels has fallen down from FY 2019 due to adverse economic situations that occurred after Covid19 hit this World. 

Comparison of company’s performance on the basis of Industry Benchmark 

This company has a strong customer base and the revenue generation was high till FY 2018 which indicates internal management has sufficient capability to improve its financial ratio after hospitality sector starts reviving from the pandemic situation. Revenue from per available room is the commonly used benchmark by companies in the hospitality industry. All the three companies have failed to achieve more revenue in FY 2019 and 2020 on the basis of the industry benchmark.

Implication on financial performance 

Melia as well as Sangri-la are the competitors of Millennium Hotels and both the companies income generation level has fallen down in FY 2019. The decrease in accounting ratios of all the three stated companies because of fewer customers visited to enjoy services (meliahotelsinternational.com, 2021). NP margin of Millennium Hotels was 0.23 in FY 2020 more than its competitors which signify this company has started receiving more customers. Hence, financial performance will improve (increase) in the upcoming years compared to its competitors' support to sustain position within hospitality industry. 

Company Outlook

Looking at Millennium it seems that there have been various areas that the hotel chain lacks in and also there are a number of risks and opportunities that can be tapped by the hotel if it wants to.

Risks

Competition: the level of competition is very high within the market and in the international market not only other multinational hotels have to be faced but also the local hotels as well. Trading with suppliers has also been effected by this as it is hard to see which of the suppliers should be targeted within the international markets.

Liquidity Credit: handling of all the finances and make sure that all of the hotel chains are having enough amount of capital to provide effective services to the customers. It should make sure that the net asset value is properly managed within all of the areas that have been dealt with.

Opportunity

IT infrastructure: this is a huge opportunity at hand because there are a number of technologies that are present within the market and while they might be prominent in one of the international markets and not in any others. This has a huge impact as it can increase the profits for one chain while the others had been effected negatively.

Strategic Priorities

One of the strategic priorities is that there should be more focus put upon technological advancements that have been presented within the market. One of the areas is that large hotel chains like Millennium does not have a centralised IT system as there are many different departments. Hence, the use of technologies such as artificial intelligence and Smart Connected devices through which all of the systems can be interconnected. AI would provide better customer experience as personal service can be given in which a budget room is provided accordingly.

Another strategic opportunity that can be looked at is that there should be more hotel chains established within the Aisa Pacific region. This would help to make sure that there would be a higher amount of places that can be targeted. It is through the Smart connected technology that sharing of information amongst all of these chains would be targeted.

SWOT Analysis

Strength

? Marketing strategies are high

? High goodwill within market

? Has a brand portfolio that is strong

? Geographic locations are set across the world

Weakness

? Too many changes in board members

? Competition is high

Opportunity

? More countries can be targeted in Asia

? Technology use of Smart Connected Devices

? AI development should be done

Threat

? COVID19

? High level of competition

? Innovation is to be focused upon

Conclusion

From the above analysis it can be seen that the competitors of Millennium have a number of advantages over it but it seems that it does not seem something that can be overcome. The opportunities that are present along with the strengths should be effectively utilised if there is proper advantages to be looked at. In order to overcome the competitors in the market there should be adoption of technologies so that innovative services can be provided to the customers.

References

Annual report, 2020. ANNUAL REPORT & ACCOUNTS For the Year Ended 31 December 2020. (Online) MCLTD Annual Reprots. Available at: https://media.millenniumhotels.com/Live/2/C/9/2C9B181C-1654-4848-8D8D-09D10CBFB3FD/2020-annual-report.pdf?r=210618042529

Annual Reprot, 2020. Shangri-La Asia Limited Annual report 2020. (Online) Shangri-La Group Available at: https://sitecore-cd.shangri-la.com/-/media/Project/Shangri-La-Group/Investor/Files/Public-Disclosures/Anncouncements-and-Circulars/2021/2021-04-26-AR_E.pdf

Annualreports.com (2019) MILLENNIUM & COPTHORNE HOTELS LIMITED, ANNUAL REPORT & ACCOUNTS Available at: https://www.annualreports.com/HostedData/AnnualReportArchive/m/LSE_MLC_2019.pdf [Accessed on 28th October 2021]

Consolidated Financial Statements, 2020. Independent Auditors Report on Consolidated Financial Statements. (Online) Melia Hotel International. Available at: https://www.meliahotelsinternational.com/en/shareholdersAndInvestors/IntegratedRepDocs/CCAA%20MELIA%20%20consolidado%20INGLES%202020.pdf

Hagelstam, M., 2018. Drivers of franchising agreements in Finnish hotel chains.

Human Rights Policy, 2017. GROUP HUMAN RIGHTS POLICY. Millennium Hotels. Available at: https://media.millenniumhotels.com/Live/5/5/E/55E7CEE4-D006-41B2-97A4-D711CE413AF2/Human%20Rights%20Policy%20-%2014Apr2020%20FINAL.pdf

Kusumawati, F.R., 2020. Profitability determinants of five-star hotels in Yogyakarta. Annals of Management and Organization Research, 2(1), pp.41-52.

Melia, 2021. About Us. (Online) Melia Hotels International. Available at: https://www.meliahotelsinternational.com/en/our-company/about-us

meliahotelsinternational.com (2018) Consolidated Management report and annual accounts Available at: https https://www.meliahotelsinternational.com/en/shareholdersAndInvestors/AnnualReportDocs/2018/2017%20Integrated%20Annual%20Report_0.pdf [Accessed on 28th October 2021]

My Millennium, 2021. Our Heritage. (Online) Millennium Hotels. Available at: https://www.millenniumhotels.com/en/about-us/our-heritage/

Policy and Procedure, 2015. CODE OF ETHICS & BUSINESS CONDUCT. (Online) Millennium Hotels. Available at: https://media.millenniumhotels.com/Live/B/D/7/BD75E871-2857-4249-83D7-023D0FBF64FF/Code%20of%20Ethics%20and%20Business%20Conduct%20-%2014Apr2020%20FINAL.pdf

Shangri-La Group, 2021. Our Story. (Online) Shangri-La Group. Available at: https://www.shangri-la.com/group/our-story/our-heritage

sitecore-cd.shangri-la.com (2020) Annual Report 2020 Available at: https://sitecore-cd.shangri-la.com/-/media/Project/Shangri-La-Group/Investor/Files/Public-Disclosures/Anncouncements-and-Circulars/2021/2021-04-26-AR_E.pdf [Accessed on 28th October 2021]

Zió?kowska, M., 2017. Success Factors and Benefits of Social Franchising as a Form of Entrepreneurship. Studia i Materia?y, (1/2017 (23)), pp.37-47.

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