The New York Palace Hotel New Owners
The New York Palace, a luxury midtown hotel on the corner of 50th & Madison, completed a $160 millionredesign in the fall of 2013.
Northwood Investors, aNew 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» saidJohn 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 billionin 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» saidJonathan Wang, Managing Director of Northwood Investors. «We look forward to seeing the company build on its success through its ownership of The Palace.»
The New York Palace, a luxury midtown hotel on the corner of 50th & Madison, completed a$160 millionredesign in the fall of 2013. The renovation transformed the property’s premier rooms and suites in The Towers, a hotel-within-a-hotel. Additional upgrades included new lobbies, specialty suites and restaurants and bars including Trouble’s Trust, The Lobby Lounge, Tavern on 51, Rarities and Pomme Palais. In addition to 24,000 square feet of updated event space, The Palace is home to private spaces located in the historic Villard Mansion that feature 19th century interiors and are ideal for lavish weddings, events and dinners.
With 909 rooms and suites, The Palace is known for unparalleled splendor, spectacular views, spacious rooms and exquisite service. Located across the street from St. Patrick’s Cathedral and only steps from Rockefeller Center — the hotel’s world-renowned courtyard incorporates motifs from several 15th-century Italian cathedrals and has served as the entranceway to the historic Villard Mansion since 1882. The New York Palace gracefully blends the landmark Villard Mansion with a contemporary 55-story tower.
Northwood Investors is a leading privately-held global real estate investment and management firm with over 150 employees worldwide and total gross assets of approximately$8 billion. Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook and a focus on key global cities, includingNew York City,Los Angeles,San Francisco,LondonandParis. Northwood currently owns and manages a diverse portfolio of real estate assets worldwide including hospitality, office, retail, residential and industrial properties.
LOTTE Hotels & Resorts are currently in operation of 18 properties across five countries globally and have 16 more properties in the pipeline. LOTTE Hotels & Resorts have secured their brand equity by way of their award-winning Five Star properties. Their Six Star property inMoscow, Russiahas been in the spotlight after being recently awarded with the Prix Villegiature Awards ‘Best Hotel inEurope‘.