September 23, 2015
Luxury hotel suites are becoming increasing prevalent in major U.S. markets in hopes by developers that the high-end accommodations will attract more travelers from around the world.
Hospitality operators in Manhattan are at the forefront of adding more luxury hotel suites. For example, Northwood Investors added suites and renovated existing one at a cost of $20 million at the New York Palace hotel. It led to the sale of the building to South Korea-based Lotte Hotels & Resorts for $805 million, 46 percent more than Northwood paid for it in 2011.
Northwood is also adding 26 luxury hotel suites, including a 11,000-square-foot penthouse, at the London West Hollywood.