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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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

Suggested Articles

Insurance companies believe that COVID-19-related losses should not be included in business interruption coverage, but the issue is far from settled.

The MMGY Global Travel Safety Barometer measures Americans’ perceptions of safety on a scale from 0 (extremely unsafe) to 100 (extremely safe).

Year-over-year declines remain significant although not as severe as the levels recorded in April.