Northwood Investors Sells New York Palace Hotel for $805 million
Simpson Thacher represented an affiliate of Northwood Investors in its sale of the New York Palace Hotel for $805 million to an affiliate of LOTTE Hotels & Resorts, a Korea-based owner and operator of luxury hotels and member of the LOTTE Group, one of the biggest Korean conglomerates. The purchase is reported as the largest U.S. asset purchase by a Korean company.
The Simpson Thacher teams includes Gregory Ressa, Steve Stickler and Mark Semotiuk (Real Estate); Marcy Geller (Tax); and Jeanne Annarumma and Andrew Blau (ECEB).