Millennium & Copthorne Hotels plc To Acquire Novotel New York Times Square
Hotels plc ("M&C"), a dynamic, global hotel company, which owns, asset manages and/or operates a worldwide portfolio of over 100 hotels, 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.
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 theworld'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. Thehotel will be M&C's fourth hotel inManhattan, 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 Hotels and Resorts North America
Millennium Hotels and Resorts (MHR) was established as a global brand byMillennium & 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. For more information: www.millenniumhotels.com