24th Feb 2014 17:45
LONDON (Alliance News) - Millennium & Copthorne Hotels PLC Monday said it has entered an agreement to acquire its first hotel in Italy.
The major hotel company said its subsidiary Millennium Hotels Hotel Palace Holdings Srl entered an agreement with Grand Hotel Palace Srl, a joint venture between a subsidiary of Boscolo Group SpA and Pierre Srl to buy the Rome hotel currently trading as the Boscolo Palace Roma for EUR65.5 million.
The company said completion of the deal is expected to occur during the second quarter of this year, subject to certain conditions.
M&C said that the hotel, which was built in 1927, offers 87 luxury guest rooms and suites in the heart of one of Europe's greatest leisure and business travel destinations and was renovated in 2010 by the architects and designers, Italo Rota.
M&C shares closed down 0.3% at 586.97 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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