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.
