MILLENNIUM & Copthorne Hotels, through its wholly-owned indirect subsidiary M&C New York (Times Square), is acquiring the freehold interest in Novotel New York Times Square for US$273.6 million.

The seller is 226 West Fifty-Second Street, a partnership led by a fund affiliated with Apollo Global Management and Chartres Lodging Group.

The purchase price is to be paid in cash, subject to standard purchase price adjustments.