Highgate has taken over the management of the Lotte New York Palace, a prominent hotel located in Midtown Manhattan. The transition was announced on Wednesday, with Highgate replacing Lotte Hotels & Resorts as the operator of the property.
The Lotte New York Palace, situated at 455 Madison Avenue, is recognized as one of the city’s most notable hospitality landmarks. The hotel features 909 rooms, including 176 suites, and is known for its historic Villard Mansion, which dates back to the 19th century.
According to Highgate, the company will oversee all operations at the hotel, including guest services, food and beverage, and event management. The company stated that it intends to maintain the property’s established reputation for luxury and service.
“We are honored to manage the Lotte New York Palace, a property with a rich legacy and a significant presence in New York City,” said Arash Azarbarzin, CEO of Highgate. “Our team is committed to upholding the standards that guests have come to expect from this iconic hotel.”
Lotte Hotels & Resorts, a South Korean hospitality group, acquired the property in 2015. The company will retain ownership of the hotel, while Highgate will be responsible for its day-to-day management.
The Lotte New York Palace has long been a destination for both business and leisure travelers, as well as a venue for major events and gatherings. The hotel’s central location, historic architecture, and range of amenities have contributed to its status as a leading luxury hotel in Manhattan.
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