Lotte Group Purchases New York Palace Hotel

    The New York Palace Hotel in Manhattan has been purchased by South Korea-based Lotte Group. It was sold by Northwood Investors for $805 million.

    Hotel Lotte Co Ltd, an offshoot of the company, will form a company to acquire and operate the Palace Hotel. Lotte Group intends to complete the transition by late August.

    For the full story, visit Reuters.

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