Millennium & Copthorne Hotels has agreed to buy the Novotel New York Times Square hotel for $273.6 million. The UK-based company currently operates 14 hotels in the U.S.
Bloomberg reports the company will purchase the 34-story tower from funds affiliated with Apollo Global Management LLC and Chartres Lodging Group. The deal is expected to be completed in the second quarter.
Millennium & Copthorne called New “one of our three key gateway cities,” Bloomberg reported
“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,” Chairman Kwek Leng Beng said in the statement.
The Novotel New York Times Square was built in 1981 and has 480 guestrooms. A unit of Accor will continue to manage the property. The hotel’s renovation was completed in November.