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New York Palace Hotel sells for US$400m

The New York Palace Hotel, one of Manhattan’s most luxurious properties, is being sold to Northwood Investors LLC.

Northwood, controlled by former Blackstone Group LP executive John Kukral, is under contract to acquire the 899-key Palace for US$400 million. That would value the hotel at about US$445,000 per key.The property last sold in 1994, when the sultan of Brunei paid US$202 million for it.The hotel is currently owned by an entity associated with the sultan of Brunei.Kukral has confirmed his investment in the lodging icon.The property last sold in 1994, when the sultan of Brunei paid US$202 million for it.

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