Monday February 10th, 2014 - 2:15PM
NEW YORK—Millennium & Copthorne Hotels plc 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 city's theatre district, the property offers 480 guestrooms and will continue to be managed by the Accor Group under the Novotel brand. Built in 1981, extensive renovations of all guestrooms, 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," stated 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.