Millennium & Copthorne Hotels plc has announced that it has entered into a conditional agreement to acquire the 34-story Novotel New York Times Square for $273.6 million. Completion of the acquisition is expected to occur during the second quarter of 2014.
Located in the heart of the city's vibrant theatre district, the four-star property offers 480 guest rooms and will continue to be managed by the Accor Group under the Novotel brand. Built in 1981, extensive renovations of all guest rooms, public spaces and service areas were completed in 2013.
"I am delighted that we have secured this transaction. 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," said Kwek Leng Beng, Chairman of M&C. "The property is an important strategic investment for Millennium & Copthorne Hotels and will complement our existing midtown and downtown Manhattan hotels without adding significantly to central management costs."
The Novotel acquisition solidifies the company's commitment to the U.S. market. The hotel will be M&C's fourth hotel in Manhattan, the others being ONE UN New York, Millennium Broadway Hotel New York and Millenium Hilton. M&C's North American portfolio comprises 18 owned and managed hotels, including the 13 hotels under the Millennium Hotels and Resorts brand.
Millennium & Copthorne Hotels plc, listed on the London Stock Exchange since 1996, is a global hotel company, which owns, asset manages and/or operates a worldwide portfolio of over 100 hotels across seven distinct global brands – Grand Millennium, Millennium, Grand Copthorne, Copthorne, M Hotel, Studio M and Kingsgate – throughout Asia Pacific, Europe, Middle East, and North America.
Millennium Hotels and Resorts (MHR) was established as a global brand by Millennium & Copthorne Hotels plc to provide a common marketing and operating platform across its entire portfolio. Founded on the philosophy of genuine hospitality, this dynamic hospitality group has an outstanding reputation for excellence, taking pride in exceeding the needs of its business and leisure travelers. The strategic locality of its properties in gateway cities such as London, Paris, Dubai, Abu Dhabi, Doha, Singapore, Beijing, Shanghai, Seoul, Taipei, Hong Kong, Kuala Lumpur, and Bangkok makes MHR the perfect address to conduct your business or indulge yourself while on holiday.
Established in the United States in 2000, the North American arm of MHR includes a portfolio of 13 hotels in New York, Los Angeles, Chicago, Boston, Anchorage, Boulder, Buffalo, Cincinnati, Durham, Minneapolis, Nashville, and Scottsdale.
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