January 18, 2022 12:38
Lotte Hotel said Monday that it joined hands with Korea Overseas Infrastructure & Urban Development Corporation to buy the historic Kimpton Hotel Monaco in Chicago for US$36 million.
The U.S. hotel will become the first overseas branch of Lotte Hotel's upmarket L7 chain.
It plans to boost its presence in overseas markets to increase the value of Lotte Hotel, which is preparing to go public.
The conglomerate's retail arm is in deep trouble, so it seems determined to focus on other areas of business.
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