New york: Lotte Hotel and Resorts, the hotel division of South Korea's Lotte Group, announced that it has finalized an agreement to acquire the land of The New York Palace Hotel in the United States.

According to Yonhap News Agency, Lotte initially purchased the building of this iconic five-star hotel in 2015, subsequently rebranding it as Lotte New York Palace while maintaining a lease agreement for the land. After extended negotiations, Lotte successfully reached a deal with the Archdiocese of New York, the previous landowner, for a purchase price of $490 million.

This acquisition aligns with Lotte's strategy to enhance its portfolio and improve financial stability, as indicated by company officials. The deal marks a significant step in Lotte's ongoing efforts to strengthen its position in the global hospitality market.