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

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