Hotel chain M&C to buy first hotel in Italy for $114 million
HOTEL chain operator Millennium & Copthorne Hotels (M&C) is buying its first hotel in Italy.
Its wholly-owned indirect subsidary, 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 65.5 million euros (S$114 million), payable in cash when the deal is closed, which is expected to take place some time between April and June this year.
The hotel has 87 luxury guest rooms and suites and is near popular tourist attractions such as the Vatican City.