(MENAFN) South Korean conglomerate Lotte said it has signed a deal to buy a Manhattan hotel for USD805 million to accelerate the retail-focused group's overseas expansion, Yonhap News reported.
Hotel Lotte plans to set up a subsidiary to operate the New York Palace Hotel and wrap up the acquisition by the end of August, the business conglomerate said in a press release.
The acquisition is the latest in Lotte's global expansion move. Since 2010, Hotel Lotte has opened accommodations around the world, including in cities like Moscow, Hanoi and Tashkent.
"We hope this acquisition will heighten Lotte's global brand value and expand its presence in Southeast Asia, Europe as well as the U.S. market," the group added in the press release.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.