Manhattan’s Iconic New York Palace Hotel Sells for $805 Million

Hodges Ward Elliott | August 31, 2015

NEW YORK--August 31, 2015--Hodges Ward Elliott ("HWE"), the world's leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, announced that it has arranged the previously announced sale of Manhattan's legendary New York Palace Hotel for $805 million. LOTTE Group, a South Korea-based owner and operator of luxury hotels, has now closed on the acquisition of the 909-room Midtown landmark, which is located on the corner of 50th Street and Madison Avenue, from Northwood Investors. With this transaction, HWE has now completed $2.86 billion in deals throughout the NYC market si...