New York, June 20158— /PRNewswire/ — Northwood Investors, a New York-based real estate investment and management firm, confirmed that it has entered into a contract to sell The New York Palace Hotel to LOTTE Hotels & Resorts, a South Korea-based owner and operator of upscale hotels. The deal is expected to close later this summer, subject to customary closing conditions.
John Kukla, President and CEO of Northwood Investors (John Kukral), said: "We are pleased to have revitalized The New York Palace Hotel and restored it to its place among the world’s leading luxury hotels. We are honored to have had the opportunity to work with the many dedicated associates at the hotel, without whom this transformation would not have been possible. We are now excited to see a well-respected hotel owner like Lotte continue the legacy of The New York Palace Hotel by delivering unparalleled service and luxury."
The LOTTE Group is one of South Korea’s largest conglomerates, with 79 affiliates and annual revenues of $74 billion in 2013. LOTTE Hotels, a part of the LOTTE Group, currently ranks No. 1 in the South Korean lodging market.
Alan Leventhal, Managing Director of Northwood Investors ( Jonathan Wang ), added: "Lotte is a highly experienced hotel operator, and we are pleased they have chosen to acquire The New York Palace Hotel as part of their continued global expansion. We look forward to seeing the company achieve further success with this iconic property."