Lotte Hotel & Resorts to Buy Land Under New York Palace, Consolidating Ownership of Flagship U.S. Property

SEOUL, Dec. 15 (Korea Bizwire) — Lotte Hotel & Resorts said Monday it will acquire the land beneath The New York Palace Hotel, securing full ownership of one of its most prominent overseas assets and eliminating long-term lease risks tied to the site. The South Korean hotel group purchased the Midtown Manhattan property’s building in 2015, [...]