Mergers & Acquisitions

🏨 Lotte Hotels & Resorts. Over $1.3 billion. Manhattan flagship. 909-room Lotte New York Palace. Madison Avenue. Highgate. New York investment and management firm. Running the Palace in the next few days. Richard Russo. Highgate principal. Ownership remains with Lotte. Contract is part of broader collaboration. Hotels, distribution, technology, staff training. Americas and Asia. Drive incremental value. Potential new hotels together. Korean company. Own luxury flags at home.

📰 Lotte Hotels & Resorts spent over $1.3 billion assembling control of its 909-room flagship, Lotte New York Palace, on Madison Avenue, Manhattan. This week, Highgate, a New York investment and management firm, will take over operations, while Lotte retains ownership. The transition is part of a broader collaboration, potentially spanning hotels, distribution, technology, and staff training across the Americas and Asia. Richard Russo from Highgate highlighted potential synergies in driving incremental value.

🏨 Marcus & Millichap sold the DoubleTree by Hilton Milwaukee-Brookfield in Brookfield, Wisconsin, a 177-room hotel built in 1990. The property spans 95,544 square feet on 6.33 acres and offers amenities like an indoor pool and fitness center. Located off Interstate 94, it is 15 minutes from Downtown Milwaukee. The sale faced challenges due to low net income impacting financing options. The seller was a private partnership; the buyer, a local regional owner-operator.

🏨 Morgans Family acquires Michelin Key-awarded boutique hotel, The Harper, in Langham, North Norfolk for an undisclosed sum. This marks their first venture outside Wales. The Harper features 32 rooms, a fine dining restaurant, bar, games room, and spa. Awarded a Michelin Key in 2024, the new owners plan to maintain current staff and brand. Shon Morgans emphasizes honoring the North Norfolk community and enhancing its hospitality offerings.

🌴 Marriott International and the Leali family announce a joint venture to add Lefay, a luxury wellness brand founded in Italy in 2006, into Marriott's portfolio. Lefay, renowned for its resorts at Lake Garda and the Dolomites, will expand with three new resorts in Tuscany, southern Italy, and the Swiss Alps. Marriott plans to integrate Lefay into its Bonvoy loyalty scheme by late 2026. Lefay focuses on wellness and immersive experiences.