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NY Palace Hotel Sells for $805M


The New York Palace Hotel has new owners. In a deal announced Sunday, South Korea’s Lotte Group signed a contract to acquire the hotel from Northwood Investors. Reuters has the details on the $805M deal, which is expected to be completed by late August. A new company will be formed under Lotte Group’s umbrella to acquire and operate the hotel. The company has hotels under construction in China and Myanmar and has been opening and buying hotels since 2010. [REU]