LOTTE Hotels & Resorts, a Korea-based owner and operator of luxury hotels, announced today the relaunch of The New York Palace, an iconic luxury hotel in midtown Manhattan, as LOTTE New York Palace. LOTTE Hotels & Resorts assumes its ownership of the property as of August 28, 2015, making Lotte New York Palace the group’s first hotel acquisition in North America.
“We are pleased to be continuing our global expansion by entering the North American market with such a prestigious landmark property,” said Yongdok Song, CEO, LOTTE Hotels & Resorts. “We look forward to sharing our dedication to unparalleled service and luxury with The Palace’s loyal clientele, as well as with many new guests from across the globe in the future.”
LOTTE Hotels & Resorts will also introduce the property’s new branding in conjunction with its relaunch as LOTTE New York Palace in September. The hotel’s new name and logo celebrates its LOTTE affiliation while preserving its distinctive identity and longstanding history as one of New York’s most celebrated luxury hotels.
“Our hotel is delighted to be operating under LOTTE Hotels & Resorts, which currently owns some of the finest hotels in the world,” stated John C. Tolbert, Managing Director, LOTTE New York Palace. “We look forward to the future of LOTTE New York Palace under the direction of LOTTE Hotels & Resorts.”
LOTTE Hotels & Resorts is currently in operation of 18 properties across five countries globally, and has 16 additional properties in the pipeline. It is ranked number 1 in the Korean lodging market. The LOTTE Group is one of the biggest Korean conglomerates with 80 affiliates and annual revenue of 83 billion in 2014.