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Regal Biltmore Hotel to Change Ownership

CALIFORNIA | SOUTHLAND FOCUS

November 19, 1999|Jesus Sanchez

Hong Kong-based Regal Hotels International Holdings Ltd. has agreed to sell the Regal Biltmore Hotel in downtown Los Angeles, along with the rest of its U.S. portfolio, to Millennium & Copthorne Hotels in a deal valued at $640 million. London-based Millennium & Copthorne would acquire 28 Regal hotels in the United States, boosting the company's worldwide holdings to 117 properties. As part of the deal, Millennium would assume $370 million in Regal debt. Millennium said the 683-room Biltmore will become part of the Millennium hotel brand but will retain the Biltmore name and its current management. Regal Hotels purchased the Biltmore in 1996 for an estimated $60 million.

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