CDL Hotels USA has agreed a final settlement with US insurance company Travelers Property Casualty over damage sustained to its hotel close to the site of New York’s destroyed World Trade Center.
Under the agreement, Travelers has agreed to pay Millennium & Copthorne Hotels subsidiary CDL $25m (£13m) in full and final settlement of CDL’s actual and potential claims against the company for losses sustained at the Millennium Hilton hotel as a result of the terrorist attacks on 11 September 2001.
Payment will be made on or before 14 March 2005. Travelers has already paid CDL $50m (£26m) for losses sustained as a result of the attacks.
References: EGi News 09/03/05
