LONDON -- Millennium & Copthorne Hotels agreed to acquire the
North American interests of Regal International Holdings Ltd., a
Hong Kong company with 27 North American hotels, for $725 million.
The deal, which is subject to shareholder approval, has two
parts: A $280 million purchase of 11 properties, of which
Millennium & Copthorne will own 100%, and a $445 million joint
venture with Regal Hotels International that will split ownership
on 16 other properties.
Those 16 properties include Regal-branded hotels such as the
Regal U.N. Plaza in New York, the Regal Biltmore in Los Angeles and
the Regal Bostonian in Boston.
Millennium & Copthorne, which has its headquarters in London
but is owned by a Singaporean company, only has one property in
North America, the Millennium in New York.