Lotte Group inks deal for Palace Hotel
Print Edition
SOUTH Korea’s Lotte Group said yesterday that it has signed a contract to buy the New York Palace Hotel in Manhattan for US$805 million from real estate management firm Northwood Investors.
Hotel Lotte Co, an unlisted unit of Lotte Group, will lead the formation of a new company that will operate the Palace, a Lotte spokeswoman said.
“Hotel Lotte is a company that has been actively entering markets abroad. We have continuously been looking for fitting M&A opportunities and we have found one in New York with symbolic significance,” the spokeswoman said.
The company has opened and bought hotels in Russia, Vietnam, Uzbekistan and Guam since 2010. It is also building hotels in China.
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