Lotte Hotel has announced that they have finalized a buyout of The New York Palace Hotel, located in Manhattan, for a total cost of $805 million. (Image : The New York Palace Hotel Homepage)
SEOUL, Aug. 28 (Korea Bizwire) – Lotte Hotel has announced that they have finalized a buyout of The New York Palace Hotel, located in Manhattan, for a total cost of $805 million.
Lotte Hotel signed the buyout agreement on May 29, and set a corporate body to manage it on June 5.
Officials from the hotel say that its name will be changed next month to Lotte New York Palace, and a signboard hanging ceremony will be held. “After Lotte Hotel took over, The New York Palace Hotel is still operating, and we did not change or renew the hotel interior.”
Lotte New York Palace is said to be under consideration for either the accommodation of President Barack Obama or as the base for the State Department during the UN General Assembly that will be held next month.
When the Lotte New York Palace Hotel officially opens next month, Lotte will be the first Korean brand hotel to operate a property in the middle of Manhattan. This represents a meaningful achievement, as Lotte Hotel has made efforts to become a global group.
To be one of the top 3 hotels in Asia by 2018, the company opened Lotte Hotels in Moscow, Hô Chi Minh, Hanoi, Tashkent and Guam. The buyout of The New York Palace Hotel was also executed as part of the company’s goal to manage 50 hotels by 2020. Lotte Hotel is planning to continue its expansion, with new hotels opening in Shenyang, Yentai and Chengdu (China), Yangon (Myanmar) and Saint Petersburg (Russia).
By M.H.Lee (mhlee@koreabizwire.com)
