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Millennium sells New York Plaza

13 April 2012

MILLENNIUM & Copthorne Hotels has sold the luxury New York Plaza hotel for $675m (£370m) in a deal that could signal the sale of a clutch of other landmarks in its portfolio.

Chairman Kwek Leng Beng wants to pay off some of the group's £655m debt pile. M&C teamed up with Prince Alwaleed Bin Talal to buy the Fifth Avenue landmark from billionaire developer Donald Trump for $325m in 1995 and have spent more than $65m on refurbishments.

The buyer is New York property investment company El Ad Properties.

M&C and the Saudi prince will split the sale proceeds. New M&C joint chief executives Tony Potter and Wong Hong Ren are undertaking a review of the group's worldwide property portfolio.

Kwek said: 'The group's strategy of being an owner of hotel assets remains unchanged, especially in the improving trading environment.' But observers expect the Plaza to be the first of several hotels to go.

M&C has a number of hotels in New York, including the Millennium Hilton, which is still closed after being severely damaged in the terrorist attacks.

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