British hotel company Millennium & Copthorne closed on its purchase of the Novotel New York Times Square hotel for $265.8 million, according to property records filed with the city today.
European hotel operator Accor SA will keep managing the building at 226 West 52nd Street even under new ownership. Apollo Global Management and Chartres Lodging Group paid $94 million for the 480-room site in 2012. The hotel subsequently underwent an $85 million renovation, but did not close.
The deal entered contract back in February, as previously reported. — Mark Maurer