New York Palace Hotel sold to Korea’s Lotte for $805 million

Having acquired the former New York Palace, Lotte Hotels & Resorts will reopen the midtown Manhattan property, rebranded as Lotte New York Palace.

The 55-story hotel is located within walking distance of Central Park, St. Patrick’s Cathedral, and Rockefeller Center. Northwood Investors sold the hotel to the South Korea-based company for $805 million after purchasing it from the Brunei Investment Agency in 2011 for $400 million.

The property is the first North American acquisition for Lotte, which currently operates 18 properties across five countries, with 16 more in the pipeline.