Lotte Group completes New York Palace acquisition

Luxury hotel operator Lotte Group closed on the purchase of the 909-key New York Palace Hotel in Midtown for $805 million from Northwood Investors.  

The sale of the  55-story tower at 455 Madison Avenue between East 50th and East 51st Streets went in contract in May.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Lotte’s “deal is the largest single American asset purchase by a [South] Korean company,” according to a news release from Hodges Ward Elliott, which handled the deal for Lotte.

The South Korean company, which owns 18 hotels in five countries, including Russia and Vietnam, announced in a separate release that it changed the name of the hotel to Lotte New York Palace.

Suggested Articles

Wyndham Hotels & Resorts has opened the 63-room Microtel by Wyndham in George, Wash.—the brand’s first hotel to use the Moda prototype.

Hospitality Financial and Technology Professionals is switching October's "Best of HFTP" in-person events to the virtual "Cyber HITEC.…

The Albany, N.Y.-based company will operate a Hampton Inn and a Holiday Inn Express in Kinston, N.C.