M&C buy £167m Times Square hotel
Millennium & Copthorne Hotels has snapped up the Novotel in New York’s Times Square for $273.6m (£167m). The company, which is owned by Singaporean tycoon Kwek Leng Beng, said yesterday that it has agreed to buy the 34-storey building in an all-cash deal expected to completed in the second quarter. The hotel will continue to be managed by France’s Accor, which owns the Novotel brand.