LOTTE Hotels & Resorts, a Korea-based owner and operator of luxury hotels worldwide, announced the relaunch of The New York Palace, an iconic luxury hotel in midtown Manhattan. It is now branded as the LOTTE New York Palace. LOTTE Hotels & Resorts has assumed ownership of the property at the end of August 2015, making the Lotte New York Palace the group’s first hotel acquisition in North America.
LOTTE Hotels & Resorts will also introduce the property’s new branding in conjunction with its relaunch as LOTTE New York Palace on September 16th. The hotel’s new name and logo combines its LOTTE affiliation, as it preserves the Palace’s distinctive identity and exceptional history.
Previously, the New York Palace, before it was LOTTE, 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, restaurants and bars including Trouble’s Trust, The Lobby Lounge, Tavern on 51, Rarities and Pomme Palais. In addition to 30,000 square event spaces, The Palace has private areas located in the historic Villard Mansion.
With 909 rooms and suites, The Palace has, for years, been known for its spectacular views, and spacious rooms. 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. The LOTTE New York Palace gracefully blends the landmark Villard Mansion with a contemporary 55-story tower, combining traditional and contemporary in a significant way.
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 largest Korean conglomerates with 80 affiliates and annual revenue of $83 billion in 2014. Their first Russian luxury hotel in Moscow was recently awarded with the Prix Villegiature Awards ‘Best Hotel in Europe’.
With the unveiling of the Lotte New York Palace, Pursuitist will be interviewing Dr. Yongdok Song, CEO LOTTE Hotels, in part 2 of this article.