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Discussion in 'Luxury Hotels' started by uggboy, Jun 5, 2015.
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South Korea's Lotte Group buys New York hotel for $805 million
New York Palace Hotel sold to Korea’s Lotte for $805 million
Having acquired the former New York Palace, Lotte Hotels & Resorts will reopen the midtown Manhattan property, rebranded as Lotte New York Palace.
The 55-story hotel is located within walking distance of Central Park, St. Patrick’s Cathedral, and Rockefeller Center. Northwood Investors sold the hotel to the South Korea-based company for $805 million after purchasing it from the Brunei Investment Agency in 2011 for $400 million.