Jeong Ho-seok Of Lotte Hotels & Resorts Acquires Hotel Ground Lease From Archdiocese Of New York For $490M

The property involved in this transaction is a ground lease associated with the Lotte New York Palace Hotel, located at 455 Madison Avenue in the Midtown East market. The agreed-upon transaction amount for the ground lease is $490,000,000, as it transfers from the seller to the buyer.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $490,000,000
• Buyer: Jeong Ho-seok
• Buyer's Company: Lotte Hotels & Resorts
• Seller: Archdiocese of New York
• Market: Midtown East
• Price Surge: Scheduled ground-rent increase from $10M to approximately $33.4M in 2026

Jeong Ho-seok represents Lotte Hotels & Resorts in this acquisition, while the seller, the Archdiocese of New York, is finalizing the disposition of the ground lease under the property. This transaction marks a significant move by Lotte Hotels & Resorts to secure favorable lease terms ahead of the upcoming increase.