Northwood Investors is acquiring the New York Palace Hotel, a luxury property in midtown Manhattan, The Wall Street Journal reports. The sale price of the transaction is about $400 million and is expected to close in July 2011.
The real-estate investment advisory firm, founded by John Kukral, the former CEO of Blackstone Real Estate Advisors, will be purchasing the hotel from an affiliate of Brunei Investment Agency. The seller purchased the Madison Avenue site in 1993.
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