Millennium & Copthorne Hotels (M&C) has entered a conditional agreement to acquire the 34-story Novotel New York Times Square for $273.6 million. The acquisition is expected to be completed during Q2 of 2014.

Located in the city’s theater district, the 4-Star, 480-room property will continue to be managed by the Accor Group under the Novotel brand. Originally built in 1981, extensive renovations of all guestrooms, public spaces, and service areas were completed in 2013.
“Times Square is one of the world’s top tourist destinations and this refurbished property will undoubtedly increase our share of the international travel market in New York, one of our three key gateway cities,” says 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 hotel will be M&C’s fourth hotel in Manhattan, joining 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 13 under the Millennium Hotels and Resorts brand.
