MILLENNIUM & Copthorne (M&C) Hotels today announced it will be purchasing its first hotel in Italy, hot on the heels of the acquisition of Novotel New York Times Square earlier this month (TTG Asia e-Daily, February 11, 2014).
A subsidiary of M&C entered a conditional purchase and sale agreement with Grand Hotel Palace for the five-star Boscolo Palace Roma in Rome, priced at 65.5 million euros (US$90 million).
The transaction is expected to be completed by 2Q2014.
Boscolo Palace Roma is situated on Via Veneto and offers 87 luxury guestrooms and suites. It underwent a full-scale renovation in 2010 that was overseen by renown architect and designer, Italo Rota.
Kwek Leng Beng, chairman of M&C, commented in a media release: “This acquisition adds an important new travel destination to M&C’s European portfolio. We have been seeking to establish a presence in Rome for many years, and this acquisition continues our strategy of selective growth through careful investment in key gateway cities…(The hotel’s) location together with the quality of the product and its high service levels will enhance the Millennium brand experience and reputation.”
Read TTG Asia’s View from the Top interview with M&C chairman, Kwek Leng Beng, in TTG Asia, February 21, 2014 issue or the full, online version here.
