Millennium & Copthorne Hotels buys first Italy hotel for $114M

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.

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The hotel has 87 luxury guestrooms and suites and is near tourist attractions such as the Vatican City.

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