Millennium & Copthorne to buy Regal's North America interests

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.

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