Hotel chain operator Millennium & Copthorne Hotels (M&C) is buying its first hotel in Italy.
Its wholly-owned indirect subsidiary, Millennium Hotels Hotel Palace Holdings, entered into a conditional purchase and sale agreement with Grand Palace Hotel to acquire a freehold interest in a five-star property in Rome.
The acquisition costs $114 million, payable in cash when the deal is closed, which is expected to take place some time between April and June this year.
The hotel has 87 luxury guestrooms and suites and is near tourist attractions such as the Vatican City.