The 34-storey Novotel New York Times Square is to be acquired by Millennium & Copthorne Hotels for $273.6 million.

The 480-room four-star property will continue to be managed by the Accor affiliate under an agreement that runs until 2038.

The most recent audited results for the hotel show a pre-tax profit of $2.1 million in 2012, a period that included costs of refurbishment which was completed last November.

The building, situated at 226 W. 52nd Street, in the heart of the Manhattan theatre district, contains the hotel, limited office and retail space and a penthouse apartment.

M&C chairman Kwek Leng Beng said: “Times Square is one of the world’s top tourist destinations and this beautifully refurbished property will undoubtedly increase our share of the international travel market in New York, one of our three key gateway cities.

“The property is an important strategic investment for Millennium & Copthorne Hotels and will complement our existing midtown and downtown Manhattan hotels without adding significantly to central management costs.”