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Millennium & Copthorne Agrees to Buy Novotel Hotel in New York

Millennium & Copthorne Hotels Plc agreed to buy the Novotel New York Times Square hotel for $273.6 million to expand in one of the world’s most popular tourist markets.

The hotel operator, based in Horley, England, will purchase the 34-story tower from funds affiliated with Apollo Global Management LLC and Chartres Lodging Group, Millennium & Copthorne said today in a statement. The deal is expected to be completed in the second quarter, it said.