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.

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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.

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The appointments included new C-suite leaders at IHG, Marriott International and Six Senses Hotels Resorts Spas.

After disbursing 50 years' worth of hotel assets, the company is focused on worldwide growth in the luxury sector.

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