Manhattan, New York, November 13, 2015
The latest Hallyu wave originating from Korea is not K-Pop stars, but up-and-coming luxury hotel chain operator Lotte Hotels & Resorts. The parent company, Lotte group, is one of the most prominent companies in South Korea, with a total valuation of $70 billion. Founded by Shin Kyuk Ho in 1922, this global business group has had unprecedented growth over the last seven decades. From their humble beginnings as a chewing gum manufacturer, Lotte has expanded its core business to shopping malls, retail, and now luxury hotels in Korea and beyond.

“Lotte Hotels & Resorts, the largest hotel group in Korea, is expanding beyond Asia to become a global brand. Lotte Hotels aims to become one of the most beloved luxury hotel brands that deeply moves the hearts of its guests with consistent quality of service and hospitality in all Lotte chain hotels around the globe,” as stated on Lottehotel.com.

Starting with "Bando Hotel," the now renamed Lotte Seoul Hotel was South Korea’s first privately-owned hotel. Lotte Hotel has now developed into one of the premier hotel & resort groups at home with its world-class competitive edge, thanks to customers’ love and support since its founding in 1973. In 2010, Lotte’s six star hotel was first to open as an Asian brand hotel in Moscow Russia and has officially become a global chain by developing two properties in Vietnam, one being hotel in Hanoi and the other hotel in Saigon. Other noteworthy developments include resort hotel in Guam, hotel in Tashkent Uzbekistan and acquisition of New York Palace Hotel in U.S.A.

In recent years, Lotte has shown remarkable growth and expansion. In September 2015, Lotte finalized its deal to acquire landmark hotel in Manhattan, New York. Other notable hotel developments also include Lotte Center Hanoi, a $430 million mix-use retail/residence/hotel project with grade-A business offices, 318 luxury hotel rooms, 258 serviced residences and department store, as well as a modern observation deck and skywalk on the top floor that offers a panoramic view of the city.

By 2020, Lotte Hotel aims to acquire 20 more properties overseas and also to become a top 3 recognized hotel brands in Asia. Recent acquisition of Lotte New York Palace serves as Lotte Hotel’s launching platform, an entryway in to the U.S. / North American luxury hotels market. Lotte Hotels & Resorts is now taking the next step to becoming a leading global luxury hotels brand.

The Lotte group got its name from Charlotte, the heroine of Goethe`s masterpiece “The Sorrows of Young Werther.” Charlotte is a woman loved by many readers all over the world. The Lotte group has developed into a leading Korean enterprise with a dream to fill the world with love, liberty and life. It is now expanding further to become a company loved by people throughout the world. As a global group leading Asia, Lotte is committed to offering guests a more abundant life and a beautiful future.

To learn more about Lotte Hotels and its global expansion plan, please visit http://www.lottehotel.com