Lotte Opens Fancy Budget Hotel in Downtown Seoul

      January 12, 2016 11:06

      Lotte on Tuesday opened a new hotel called L7 in the Myeong-dong shopping district of downtown Seoul targeting fashion-conscious women in their 20s to 40s.

      Lotte Hotel CEO Song Yong-deok told reporters that compared to Lotte City Hotel, which is a business hotel, the L7 costs between W100,000 to W200,000 per night. Both are similar in terms of facilities, but L7 features a cocktail bar, restaurants and cosmetics shops that target younger travelers.

      The hotel also offers rickshaw tours of Seoul and lets customers experience the filming of music videos in collaboration with talent factory SM Entertainment.

      Song said Lotte will expand its hotel business to China, Myanmar and Russia in 2017 and 2018.

      Lotte Hotel is planning an initial public offering this year. "With cash acquired from the IPO, we will be able to consider additional M&A deals if there are fitting opportunities," Song said.

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