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New York

Lotte Group closes on New York Palace Hotel for $805M

The purchase marks the largest US asset purchase by a Korean company

The New York Palace Hotel in Midtown
The New York Palace Hotel in Midtown

South Korea-based Lotte Group closed on its $805 million purchase of the New York Palace Hotel from Northwood Investors. 

The Lotte Group will operate the hotel, located at 455 Madison Avenue between East 50th and 51st streets in Midtown, through its Hotel Lotte unit.

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The company owns hotels in Russia, Vietnam, Uzbekistan and Guan, and is in the process of building hotels in China and Myanmar.

Hodges Ward Elliott brokered the deal, which went into contract in early June.

Northwood Investors bought the 55-story 909-key hotel from the Brunei Investment Agency in 2011 for $400 million and spent $160 million on renovations on the property. — Ariel Stulberg 

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Hotel MarketReal Estate Investment