New York Palace in Midtown Manhattan Rebranded as a LOTTE Hotel
Korea-based LOTTE Hotels & Resorts (lottehotels.com), which earlier this year purchased the luxury 909-room New York Palace for $805 million, has officially rebranded it the LOTTE New York Palace, making it the group's first acquisition in North America. In 2013 the property, on Madison Avenue between East 50th and East 51st streets, underwent a $140 million renovation, including the creation of a new lobby, the addition of specialty suites and an overhaul of all 30,000 square feet of meeting space. LOTTE said it will introduce a branding campaign for the hotel along with a new logo later this month. LOTTE Hotels & Resorts has 18 properties in five countries and another 16 in the pipeline.