New York-based Northwood Investors, a real estate investment and management firm, has entered into a contract to sell the New York Palace Hotel to Korea-based LOTTE Hotels & Resorts.
With more than 79 affiliates and annual revenue of $74 billion in 2013, the LOTTE Group is one of Korea’s largest conglomerates.
“LOTTE is a highly experienced hotel operator, and we are excited that they have chosen to acquire the New York Palace as part of their continued global expansion,” says Jonathan Wang, managing director of Northwood Investors. “We look forward to seeing the company build on its success through its ownership of the Palace.”
The transaction is scheduled to close this summer.
“I am pleased we were able to restore and revitalize the New York Palace to its position as one of the best luxury hotels in the world,” says John Kukral, president and CEO of Northwood Investors. “We are honored to have had the opportunity to work with many dedicated employees at the New York Palace without whom the transformation would not have been possible.”
The 909-room hotel, located in midtown Manhattan near St. Patrick’s Cathedral and Rockefeller Center, completed a $160 million redesign in the fall of 2013, which revamped its towers’ guestrooms and suites. Renovations also included the addition of new lobbies; specialty suites; new restaurants and bars—including Trouble’s Trust, the lobby lounge, Tavern on 51, Rarities, and Pomme Palais; and 24,000 square feet of updated event space.
