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Manhattan, as LOTTE New York Palace. This marks 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. LOTTE New York Palace, a luxury midtown hotel at the corner of 50th Street and Madison Avenue, was acquired by LOTTE Hotels & Resorts for $805 million. The transaction closed on August 28, 2015. Previously, the property completed 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 lavish weddings, events and dinners. With 909 rooms and suites, The Palace is known for unparalleled splendor, spectacular views, spacious rooms and exquisite service. Located across the street from St. Patrick’s Cathedral and only steps from Rockefeller Center — the hotel’s world-renowned courtyard incorporates motifs from several 15th-century Italian cathedrals and has served as the entranceway to the historic Villard Mansion since 1882. LOTTE New York Palace gracefully blends the landmark Villard Mansion with a contemporary 55-story tower. LOTTE Hotels & Resorts currently operates 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.]]>