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South Korean group buys Manhattan hotel for $805m

by Andrea Waitrovich

South Korea–based Lotte Group has agreed to purchase the New York Palace Hotel located at 45 Madison Ave. in Manhattan from Northwood Investors for $805 million. The Lotte Group will acquire and operate the Midtown hotel through its Hotel Lotte unit, and the hotel will be the first Lotte brand hotel in New York City. Northwood Investors purchased the 55-story hotel for $377 million. The company has 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, according to various outlets.

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