7. The South Korean Lotte Corporation purchased the New York Palace Hotel for $805 million in 2015

Interior of the Lotte New York Palace Hotel
Interior of the Lotte New York Palace Hotel.

In 2015, the South Korean business conglomerate Lotte Corporation purchased the hotel from Northwood Investors for $805 million. The Lotte Corporation is a holding company that has diverse interests beyond the hotel industry including chewing gum, chocolate, and duty-free shops. Lotte also owns hotels across Asia and the United States, including the Lotte Hotel Seattle and the Lotte Hotel Guam. The acquisition of the New York Palace Hotel was part of the company’s initiative to own 50 Lotte hotels by 2020.

When Lotte Corporation took over the hotel, it changed the name of the hotel from the New York Palace Hotel to the Lotte New York Palace. The Seoul-based conglomerate inherited a $140 million renovation of the hotel that added event space and upgraded suites. The hotel is a top luxury hotel in New York City on Tripadvisor.