Leading Luxury Hotel Group Announces Ownership of one of
Manhattan's Most Iconic
Properties
NEW YORK, Aug. 28, 2015 /PRNewswire/ -- 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.
About LOTTE New York Palace
LOTTE New York
Palace, a luxury midtown hotel on the corner of 50th & Madison,
was acquired by LOTTE Hotels & Resorts 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. Guests can
reserve accommodations online at www.lottenypalace.com or
contact reservations at 1-800-NY-PALACE (1-800-697-2522).
About LOTTE Hotels & Resorts
LOTTE Hotels &
Resorts are currently in operation of 18 properties across five
countries globally and have 16 more properties in the pipeline.
LOTTE Hotels & Resorts have secured their brand equity by way
of their award-winning Five Star properties. Their first luxury and
overseas hotel from Korea's hotel brand in Russia has been in
the spotlight after being recently awarded with the Prix
Villegiature Awards 'Best Hotel in Europe'. LOTTE Hotels
& Resorts has gained worldwide recognition for its excellent
service and facilities suitable for major international events. It
has also been rated as the best hotel in Korea by numerous
prestigious magazines, including Conde Nast Traveler, Global
Traveler, Business Traveller (Asia
Pacific), and Trade Travel Gazette.
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SOURCE LOTTE New York Palace