LOTTE Hotels & Resorts, a Korea-based owner and operator of luxury hotels, has announced 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.”
With 909 rooms and suites, LOTTE New York Palace, a luxury midtown hotel on the corner of 50th & Madison, underwent a $140 million redesign in the fall of 2013. The renovation transformed the property’s premier rooms and suites in The Towers, a hotel-within-a-hotel. Additional upgrades included new lobbies, specialty suites and restaurants and bars including Trouble’s Trust, The Lobby Lounge, Tavern on 51, Rarities and Pomme Palais. In addition to 30,000 square feet of updated event space, The Palace is home to private spaces located in the historic Villard Mansion that feature 19th century interiors and are ideal for weddings, events and dinners. Located across the street from St. Patrick’s Cathedral and only steps from Rockefeller Center — the hotel’s courtyard incorporates motifs from several 15th-century Italian cathedrals and has served as the entranceway to the historic Villard Mansion since 1882.
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.
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