NEW YORK CITY-Northwood Investors, a realty investment advisory company, has signed a contract to acquire the Palace hotel in Manhattan for nearly $400 million. According to Leslie Lefkowitz, who serves as director of communications at the hotel, the deal is expected to be completed in the middle of July 2011.
The seller is Brunei Investment Agency's affiliate. It bought the Madison Avenue hotel comprising 899 rooms in 1993. For the full story, go to Wall Street Journal.
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