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.
M&C chairman Kwek Leng Beng said: "This acquisition adds an important new travel destination to M&C's European portfolio.
"The hotel does not require material capital investment, having been very recently refurbished, or significant management infrastructure."
M&C is a unit of Singapore-based Hong Leong Group,
The hotel chain operates over 110 hotels globally under brands such as Millennium, Grand Millennium, Copthorne and Kingsgate.