PR94177

SEOUL, South Korea, Jan. 25, 2022 /PRNewswire=KYODO JBN/ --

-  LOTTE HOTEL acquired 'Kimpton Hotel Monaco' USA

-  L7 brand to be launched, actively setting out to USA

-  A historical stroke of 'K-hotel' connecting East(NYC)-Middle(Chicago)-West

   (Seattle)

The biggest hotel group in South Korea, LOTTE HOTEL has completed its

acquisition contract for Kimpton Hotel Monaco located at 225 N Wabash Avenue,

Chicago, USA on January 14th, 2022 (CST).

It was a joint investment with Korea Overseas Infrastructure & Urban

Development Corporation which supports global expansion of Korean brands and

services, and around $36 million was invested.

It has been decided to operate under 'L7', a lifestyle hotel brand of LOTTE

HOTEL, and is expected to open in the second half of 2023.

A lifestyle hotel refers to a boutique hotel equipped with trendy interior and

services. It seeks to suggest guests with a new lifestyle reflecting local

culture. Starting with ACE Hotel opened in Seattle in 1999, there has been

lifestyle hotel boom around cities such as New York City and Los Angeles.

L7 HOTELS aim of being an 'open space' filled with new experiences and

inspirations under its slogan 'a journey for inspiration'. There is 'L7

MYEONGDONG', the first hotel under L7 brand opened in 2016 in Myeongdong, main

tourism and shopping district of Seoul. It played a pivotal role by introducing

lifestyle hotel, in Korean hospitality industry where business hotels were

dominant.

Currently, three L7 HOTELS are under operation in Korea boasting unparalleled

ambience reflecting distinct local features. By presenting entertainment

combined promotions such as indoor driving range or mobile game match for the

first time in the industry, or offering collaborative events with fashion,

beauty and culture brands, L7 HOTELS continue to provide trend-leading services.

Expanding its businesses in America, the home to lifestyle hotel brands, is the

part where LOTTE HOTEL's strong confidence towards the competitiveness and

possibility with L7 brand could be observed. It is expected to be able to

assist in further entrustment expansion based on various brand portfolios.

Chicago's uniqueness is also considered as one of the crucial factors in L7

HOTELS' expansion. It is one of the main tourist cities in the US with 60

million annual visitors before COVID-19. The city is transforming into a

vibrant one with start-ups and venture capitals surging.

"As referred to as the city of architecture, culture and jazz, Chicago

possesses attractive local culture which makes it optimal for L7 HOTELS to

expand," said a LOTTE HOTEL HQ spokesperson. Sejin Ahn, the CEO of LOTTE HOTEL

said, "We made a history in Korean hospitality industry by opening L7 CHICAGO

in the city representing central US, following LOTTE NEW YORK PALACE in the

East and LOTTE HOTEL SEATTLE in the west. Based on our brand portfolio, we plan

to strive for global expansion."

L7 CHICAGO is located in downtown Chicago, some 25 kilometers away (30-minute

drive) from O'Hare International Airport. It boasts excellent location by being

within 20-minute walk from major sights such as the Chicago River and

Millennium Park.

It has a total of 191 rooms (including 22 suites), one F&B outlet and three

banquet halls of its 13-story building, and renovation is planned to present

unique lifestyle of L7.

Meanwhile, LOTTE HOTEL is currently operating 32 hotels in seven countries.

With its Korean style hospitality service and brand portfolio, the hotel group

satisfies the needs of various travelers – premium landmark hotel "SIGNIEL,"

classic upper upscale "LOTTE HOTELS," lifestyle hotel "L7 HOTELS,"

business-optimized "LOTTE City Hotels" and "LOTTE Resort" for family travelers.

Source: LOTTE HOTELS & RESORTS

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=413388

   Caption: L7 CHICAGO SITE_Kimpton Hotel Monaco