Icona Buys Palace Hotel in Cape May
The Palace Hotel in Cape May has been sold to Icona Resorts in the Chester-based developer's third Cape May County, N.J., beach-front hospitality acquisition.
The Palace Hotel in Cape May has been sold to Icona Resorts in the Chester-based developer's third Cape May County, N.J., beach-front hospitality acquisition.
Icona, which closed on the purchase Wednesday, will renovate the 54-guest-room property into a luxury hotel to be called the Icona Cape May, with work beginning this month, spokeswoman Molly Mita said.
Icona paid $15 million for the 155-room Golden Inn in Avalon last month, according to records filed with the Cape May County clerks office. The company also owns the Icona Diamond Beach.
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Jessica Contrera, New York Times
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