Korea-based LOTTE Hotels & Resorts has entered the North American market with the purchase of The New York Palace, an iconic luxury hotel in midtown Manhattan.
The property, which was acquired August 28, 2015, will be relaunched this month as LOTTE New York Palace.
“We are pleased to be continuing our global expansion by entering the North American market with such a prestigious landmark property,” said Yongdok Song, CEO, LOTTE Hotels & Resorts. “We look forward to sharing our dedication to unparalleled service and luxury with The Palace’s loyal clientele, as well as with many new guests from across the globe in the future.”
The property’s new branding will also be presented at its relaunch. Its new name and logo celebrates its LOTTE affiliation while preserving its distinctive identity and long history as one of New York’s most celebrated luxury hotels.
“Our hotel is delighted to be operating under LOTTE Hotels & Resorts, which currently owns some of the finest hotels in the world,” said John C. Tolbert, managing director, LOTTE New York Palace.
LOTTE currently operates 18 properties in five countries, and has 16 additional properties in the pipeline. It is ranked number one in the Korean lodging market and is one of the country’s biggest conglomerates with 80 affiliates and annual revenue of 83 billion in 2014.