The New York Palace Hotel will be sold for the second time in four years, as South Korea-based Lotte Group agreed to buy the midtown Manhattan property. The hotel sold for about $805 million, Reuters reported.

New York-based Northwood Investors, the seller, looks to get a return on its $160 investment in renovating the 901-room property.

Lotte’s hotel division runs luxury hotels such as the Lotte Hotel Seoul, Lotte Hotel Moscow and Lotte Hotel Legend Saigon.

The Palace, located on Madison Avenue between 50th and 51st Streets, was built in 1982 by Leona Helmsley. The property received $160 million in renovations in 2013, two years after Northwood Investors acquired the hotel from the Sultan of Brunei for about $400 million.

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