South Korean Group Acquires Landmark New York Hotel

South Korea-based Lotte Group has completed on its $805 million purchase of the iconic luxury New York Palace Hotel from Northwood Investors.

The Lotte Group will operate the hotel, located at 455 Madison Avenue between East 50th and 51st streets in Midtown, through its Hotel Lotte unit. The New York Palace Hotel has regularly featured as a location for both feature films and TV shows.

Hotel Lotte has been active in making acquisitions abroad and has been on the lookout for appropriate M&A opportunities. The company has also been opening and buying hotels in Russia, Vietnam, Uzbekistan and Guam since 2010. It is also in the process of building hotels in China and Myanmar.

Northwood Investors bought the 55-storey 909 room hotel from the Brunei Investment Agency in 2011 for $400 million and spent $160 million on renovations on the property.

 

 

WEB'S BEST

Top stories from across the globe

  • The 5 Most Shocking News in 2016
  • Hazel Moore: Banks Are Completely Wasting Valuable Customer Data
  • Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
  • Former Goldman's Partner in Boutique Venture
  • Hong Kong and Singapore in Push for Fee Transparency
More

PHOTO GALLERIES

finews.asia Networking Event

finews.asia Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.