LOTTE HOTEL completed its acquisition contract for Kimpton Hotel Monaco in Chicago. The acquisition was a joint investment with Korea Overseas Infrastructure & Urban Development Corporation, which supports the global expansion of Korean brands and services. Around $36 million was invested.
The hotel will operate under “L7,” a lifestyle hotel brand of LOTTE HOTEL, and is expected to open in the second half of 2023. L7 HOTELS aim to be open spaces with new experiences under its slogan, “A journey for inspiration.” There is L7 MYEONGDONG, the first hotel under the L7 brand, opened in 2016 in Myeongdong, the main tourism and shopping district of Seoul. The hotel played a pivotal role by introducing lifestyle hotels to Korean the hospitality industry, where business hotels dominate.
Currently, three L7 HOTELS are under operation in Korea that reflect local features. By presenting entertainment such as indoor driving range, mobile game match, or offering collaborative events with fashion, beauty, and culture brands, L7 HOTELS provide new services.
LOTTE HOTEL is looking forward to bringing the L7 brand to the United States. The expansion to the United States will build upon the company’s various brand portfolios. Chicago’s location was also crucial in L7 HOTELS’ expansion, as it had 60 million annual visitors prior to the COVID-19 pandemic.
“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 United States, 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.”
Previously called Kimpton Hotel Monaco Chicago, L7 CHICAGO is located in downtown Chicago, a 30-minute drive from O’Hare International Airport. Its location is within a 20-minute walk from the Chicago River and Millennium Park. The property has 191 rooms 22 suites, one food and beverage outlet, and three banquet halls of its 13-story building. A renovation is planned to present the 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 meets the needs of various travelers with its landmark hotel brand “SIGNIEL,” upper upscale “LOTTE HOTELS,” lifestyle hotel “L7 HOTELS,” business-optimized “LOTTE City Hotels,” and “LOTTE Resort” for family travelers.
