News
South Korean Firm Closes on Record $805M Hotel Deal
The South Korean Lotte Group just closed a record $805M purchase of the 909-room New York Palace Hotel in Manhattan from Northwood Investors, the biggest "single asset purchase by a South Korean company" in history, a release said. The 55-story tower went to contract in May. Since 2010, Lotte has picked up 18 hotels in foreign markets before making a big splash in the US. "We are pleased to be continuing our global expansion by entering the North American market with such prestigious landmarked property," Lotte CEO Yongdok Song says. In 2011, Northwood purchased the hotel for $400M, making a $405M profit with Lotte. In 2013, the hotel underwent a $160M renovation including new room designs, event space and lobby. [CO]
