SEOUL, South Korea – January 25, 2022 – 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.
