Korean Firm Buys New York's Palace Hotel
The New York Palace Hotel has been purchased by the South Korean corporation the Lotte Group for $805 million, according to press reports. The 1,909-room property’s most recent owner, the Northwoods Group, purchased the luxury hotel for $400 million from the Sultan of Brunei in 2011. The hotel has since undergone a head-to-toe renovation. The property has 17 meeting rooms.