Millennium & Copthorne buys Novotel hotel in Times Square
LONDON-- Millennium & Copthorne Hotels has agreed to acquire a 34-storey hotel on Times Square in the heart of Manhattan in a US$273.6-million (S$310 million) cash deal, the Dow Jones news agency reported.
LONDON-- Millennium & Copthorne Hotels has agreed to acquire a 34-storey hotel on Times Square in the heart of Manhattan in a US$273.6-million (S$310 million) cash deal, the Dow Jones news agency reported.
M&C -- founded and controlled by Singaporean tycoon Kwek Leng Beng through Singapore’s Hong Leong Group -- is buying the freehold interest in the building from a partnership led by a fund affiliated with Apollo Global Management and Chartres Lodging Group.
“Times Square is one of the world’s top tourist destinations and this beautifully refurbished property will undoubtedly increase our share of the international travel market in New York, one of our three key gateway cities,” M&C chairman Kwek said.
The four-star Novotel hotel, which has 480 guest rooms and was built in 1981, will remain under the management of France’s Accor, which owns the Novotel brand.
The acquisition is expected to occur during the second quarter of 2014.
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