MILLENNIUM & Copthorne (M&C) Hotels yesterday announced that it will acquire the Novotel New York Times Square for US$273.6 million, marking the company’s fourth hotel in Manhattan.
Situated in the heart of the Manhattan theatre district, the 34-storey building comprises a 480-room hotel, office and retail space, and a penthouse apartment. The property was built in 1981, and wrapped up extensive renovations in November last year.
Novotel New York Times Square will continue to be managed by the Accor Group under an existing agreement. Long-term leases for office and retail space on the first four floors of the building as well as the top-floor penthouse space will be handed over to M&C.
M&C chairman, Kwek Leng Beng, said: “Times Square is one of the world’s top tourist destinations and this beautifully refurbished property will undoubtedly increase our share of the international travel market in New York, one of our three key gateway cities.
“The property is an important strategic investment for M&C Hotels and will complement our existing midtown and downtown Manhattan hotels without adding significantly to central management costs.”
Completion of the acquisition is expected to occur during the second quarter of 2014.
Novotel New York Times Square will strengthen M&C’s existing portfolio in New York, which includes Millennium Broadway Hotel, Millenium Hilton and ONE UN New York.
