Northwood Investors to Acquire The New York Palace Hotel
Northwood Press Release
New York, NY / May 18, 2011
Northwood Investors LLC ("Northwood"), a leading privately-held global real estate investment firm, confirmed today that it has entered into a binding contract for the acquisition of The New York Palace Hotel (the "Palace"), an 899-room full service luxury hotel. The terms of the agreement were not disclosed.
The acquisition brings together an iconic New York hotel with Northwood's extensive real estate and hotel expertise.
"We are investing in the Palace brand and property both to grow the business and further enhance its stature as a world-renowned luxury hotel," said John Kukral, President and CEO, Northwood Investors. "This is only the second time the Palace has traded hands in its 30-year history and we are excited about building on its impressive reputation for first-class service, spectacular views, elegant accommodations and outstanding staff."
The New York Palace Hotel, located in Midtown Manhattan on Madison Avenue between 50th and 51st Streets, is comprised of: (i) The Villard House, a 73,000 square feet landmarked building fronting Madison Avenue which houses meeting space and a restaurant, (ii) Hotel Tower, a 55-story building which houses 899 guestrooms, and (iii) Maloney & Porcelli, a 11,000 square feet restaurant located on 50th Street between Madison and Park Avenues.
For more information on The New York Palace, please visit the property's website at www.newyorkpalace.com.
About Northwood Investors
Northwood Investors is a privately-held global real estate investment firm with approximately $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, the former President and CEO of Blackstone Real Estate Advisors, Northwood employs a fundamental, value-driven investment strategy with a long-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and unparalleled access to global real estate resources. For more information, please visit: www.northwoodinvestors.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle sponsored by Northwood Investors.