NEW YORK - Northwood Investors, a New York-based real estate investment and management firm, confirms that it has entered into a contract to sell The New York Palace Hotel to LOTTE Hotels & Resorts, a Korea-based owner and operator of luxury hotels. The transaction is scheduled to close later this summer subject to satisfaction of customary conditions.
"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" said John Kukral, President and Chief Executive Officer 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. We are pleased that such a well-regarded owner as LOTTE will continue The Palace's tradition of unparalleled service and luxury."
The LOTTE Group is one of the biggest Korean conglomerates with 79 affiliates and annual revenue of $74 billion in 2013. LOTTE Hotels & Resorts, as a member of the LOTTE Group, is ranked number 1 in the Korean lodging market.
"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" said Jonathan Wang, Managing Director of Northwood Investors. "We look forward to seeing the company build on its success through its ownership of The Palace."
