Millennium & Copthorne to buy Novotel in Times Square for $346 million
Millennium & Copthorne (M&C) Hotels, a unit of Singapore-owned Hong Leong Group, has inked a deal to buy the Novotel New York Times Square building, strengthening its presence in the iconic Manhattan tourist destination.
The firm said in a statement on Monday that it had entered into an agreement to buy the 34-storey building for US$273.6 million (S$346.3 million) from 226 West Fifty-Second Street, a partnership led by funds affiliated with Apollo Global Management and Chartres Lodging Group.
The hotel is on 226 W 52nd Street, in the Manhattan theatre district.
"The property is an important strategic investment for M&C Hotels and will complement our existing midtown and downtown Manhattan hotels," said the firm's chairmain Kwek Leng Beng.