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Article: Palace sale approved, details released. (New York Palace hotel, New York, New York sold to Sultan of Brunei Muda Hassanal Bolkiah for $202 million)
- Article from:
- Real Estate Weekly
- Article date:
- November 10, 1993
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The court appointed three arbitrator panel approved the sale of the New York Palace to the Sultan of Brunei for $202 million last week, after a year-long search for a buyer. The 46-year old Sultan Hassanal Bolkiah is the richest man in the world, says Forbes Magazine, but according to people close to the deal, he did not choose the hotel or make the offer lightly.
In fact, sources say, using a method that is becoming more common in making real estate investments in today's marketplace, his advisors conducted extensive due diligence long before, as well as after, the marketing people were aware of the family's interest.
Again, as is part of the ...