Manhattan's Palace Hotel In Contract to Northwood
Bloomberg reports: The luxury 899-room New York Palace Hotel in Manhattan is said to be under contract to Northwood Investors LLC for around $400 million, according to a recent press release by the New York-based Northwood. Since its development 30 years ago, it has traded hands just twice, and Bloomberg cited Real Capital Analytics data to state that it is currently owned by “…an entity associated with the royal family of Brunei.”
In the press release, Northwood President John Kukral stated that, “We are investing in the Palace brand and property both to grow the business and to further enhance its stature as a world-renowned luxury hotel.” At $400 million, the transaction would have a price-per-unit of $445,000, which is relatively low for a luxury hotel in Manhattan, but does reflect the property owners’ leasehold agreement with the Archdiocese of New York that owns the land it is constructed on.
View the full article on Bloomberg: Manhattan's Palace Hotel In Contract to Northwood
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Posted by: Nina Turner