Millennium & Copthorne to buy Novotel for $274M

British hotel company Millennium & Copthorne has agreed to acquire the Novotel New York Times Square hotel for nearly $274 million.

A partnership of Apollo Global Management and Chartres Lodging Group will part ways with the 34-story property at 226 West 52nd Street, between Broadway and Eighth Avenue, when the transaction closes sometime in the second quarter. Under the deal, European hotel operator Accor SA will continue to manage the property.

Apollo and Chartres purchased the 480-room hotel from Accor for about $94 million in February 2012, as previously reported. Under the agreement, Chartres would take on a renovation of the property. The hotel wrapped up an $85 million makeover last year but remained open during the renovation. [Bloomberg News] — Mark Maurer