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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On-the-books pace was up 4.5 percent, while newly signed bookings rose 4.4 percent, according to a recent report.