South Korea’s Lotte Group buys New York hotel for $805 million

SEOUL, May 31 (Reuters) – South Korea’s Lotte Group said on Sunday that it had signed a contract to buy the New York Palace Hotel in Manhattan for $805 million from real estate management firm Northwood Investors. Hotel Lotte Co Ltd, an unlisted unit of Lotte Group, will lead the formation of a new company that will acquire and operate the Palace, a Lotte Group spokeswoman said. “Hotel Lotte is a company that has been actively entering markets abroad. We have continuously been looking fo

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s