financeSkift··1 min·For: Owner, GM, Revenue, Investor, Ops
Highgate Takes Over Management of Lotte New York Palace
Lotte Hotels & Resorts has appointed Highgate to manage its $1.3 billion flagship Manhattan property, the Lotte New York Palace. The move marks a strategic shift toward third-party management to leverage local expertise while exploring further global collaborations.
Key Takeaways
- 1Monitor Highgate's takeover of the 909-room Lotte New York Palace as the firm expands its third-party management footprint.
- 2Recognize the shift in strategy for Lotte Hotels & Resorts, which is opting for specialized local management expertise over self-operation for its Manhattan flagship.
- 3Evaluate the potential for broader collaboration between the two firms involving distribution, technology, and cross-regional hotel development in the Americas and Asia.
Source: Skift
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