South Korean group acquires landmark Manhattan hotel
Another major New York hotel has been snapped up by cash-rich Asian investors.
South Korea’s Lotte Group has announced a deal to acquire the New York Palace Hotel for $805 million.
Lotte said it will set up a management company to operate the hotel beginning in August.
The hotel features 909 rooms and 23 function rooms and dates back to 1882.
It is the first mainland US acquisition for Lotte which also operates five hotels overseas, including Russia, Vietnam, Uzbekistan and Guam.
It plans to expand this to about 40 international hotels within the next three years and is currently building new hotels in China and Myanmar.
"Hotel Lotte is a company that has been actively entering markets abroad. We have continuously been looking for fitting opportunities and we have found one in New York with symbolic significance," a Lotte spokeswoman said.
The Lotte Group conglomerate employs over 60,000 and has over 60 different business units including the well known Lotte chain of department stores and Lotte World, one of the world’s largest indoor theme parks in Seoul.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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