M&C agrees $273m deal for New York hotel

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Hotels group Millennium & Copthorne (M&C) has agreed to buy a venue in New York for $273.6 million (£166.7m).

The owner of the Copthorne hotel in Aberdeen and Glasgow’s Millennium said the Novotel New York Times Square, which recently underwent a “significant” refurbishment, is a 34-storey building with 480 bedrooms, retail and office space and a penthouse apartment.

M&C chairman Kwek Leng Beng said, “Times Square is one of the world’s top tourist destinations and this beautifully refurbished property will undoubtedly increase our share of the international travel market in New York, one of our three key gateway cities.”