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Lotte buys Manhattan hotel for $805 mln

By KH디지털2

Published : May 31, 2015 - 14:00

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South Korean conglomerate Lotte said Sunday it has inked a deal to buy a Manhattan hotel for $805 million to accelerate the retail-focused group's overseas expansion.

Hotel Lotte plans to set up a subsidiary to operate the New York Palace Hotel and wrap up the acquisition by the end of August, the business conglomerate said in a press release, adding the deal was signed on Friday.

The New York Palace Hotel, located on Madison Avenue, features 909 rooms and suites and has been used as a filming venue for popular TV shows like "Gossip Girl" and "30 Rock," according to the hotel's website.

The acquisition is the latest in Lotte's global expansion move.

Since 2010, Hotel Lotte has opened accommodations around the world, including in cities like Moscow, Hanoi and Tashkent.

In addition to ongoing hotel construction projects in China and Myanmar, the company also acquired a hotel in St. Petersburg, Russia, earlier this year.

"We hope this acquisition will heighten Lotte's global brand value and expand its presence in Southeast Asia, Europe as well as the U.S. market," the group said. (Yonhap)