Lotte to open L7 hotel in Chicago next year

Lotte will open its first overseas L7 hotel in Chicago next year, following the purchase of the Kimpton Hotel Monaco Chicago in the city.

The Kimpton Hotel Monaco Chicago, purchased by Lotte Hotels & Resorts [LOTTE HOTELS & RESORTS]

Lotte will open its first overseas L7 hotel in Chicago next year, following the purchase of the Kimpton Hotel Monaco Chicago in the city.

Lotte Hotels & Resorts announced Monday it purchased the Kimpton Hotel Monaco Chicago from Florida-based Xenia Hotels & Resorts for $36 million. The purchase was jointly made with the Korea Overseas Infrastructure & Urban Development Corporation, although how much each company put in wasn't disclosed.

Lotte runs various hotel brands including Lotte Hotel, boutique chain L7 and Lotte City Hotel.

The current hotel in Chicago will be redesigned and renovated, aiming to open at the end of next year.

The Kimpton Hotel Monaco Chicago is 25 kilometers (15.5 miles) away from O'Hare International Airport and located near tourist attractions including the Millennium Park and the Chicago River. The hotel chain consists of 13 floors, 191 rooms, three banquet halls and a restaurant.

Lotte Hotels & Resorts said they chose to open the first international L7 hotel in Chicago because the city is both a tourist attraction, annually attracting 60 million tourists before the pandemic, and an IT-centered business area home to many start-ups and venture capital firms. There are three L7 hotels in Korea, in Myeongdong in central Seoul, Gangnam in southern Seoul and Hongdae in western Seoul.

The company has been expanding its presence in the U.S. market in recent years. It purchased the New York Palace in Manhattan in 2015, changing the hotel to the Lotte New York Palace. It bought Seattle’s Hotel at the Mark with Hana Financial Investment and has been running it as the Lotte Hotel Seattle since September last year.

“Using our various brand portfolios, we will speed up in targeting the global hotel market,” said Ahn Se-jin, CEO of Lotte Hotels & Resorts.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]