Lotte Hotels expands its global operation with lifestyle hotel brand L7 launching in Chicago
L7 Chicago site – Kimpton Hotel Monaco
LOTTE Hotels & Resorts has acquired Kimpton Hotel Monaco, and the L7 brand will be launched, actively setting out to succeed in the US. A historic stroke of ‘K-hotel’, connecting east (New York City), middle (Chicago) and west (Seattle).
The biggest hotel group in South Korea, LOTTE Hotels & Resorts, completed its acquisition contract for Kimpton Hotel Monaco, located at 225 N Wabash Avenue, Chicago on 14 January 2022.
It was a joint investment with Korea Overseas Infrastructure & Urban Development Corporation, which supports the global expansion of Korean brands and services, and around US$36 million was invested.
It has been decided to operate under L7, a lifestyle hotel brand of LOTTE, and is expected to open in the second half of 2023.
A lifestyle hotel refers to a boutique hotel equipped with trendy interiors and services. It seeks to engage guests with a new lifestyle reflecting local culture. Starting with Ace Hotel Seattle, which opened in 1999, there has been a lifestyle hotel boom around cities such as New York City and LA.
L7 Hotels’ aim is to be an open space filled with new experiences and inspirations under its slogan ‘a journey for inspiration’. There is L7 Myeongdong, the first hotel under the L7 brand that opened in 2016 in Myeongdong, the main tourism and shopping district of Seoul. It played a pivotal role by introducing lifestyle hotels to the 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 with promotions such as an indoor driving range or a mobile game match for the first time in the industry, or offering collaborative events with fashion, beauty and culture brands, L7 Hotels continues to provide trend-leading services.
Expanding its businesses in America, the home of lifestyle hotel brands, is the part where LOTTE Hotels’ confidence towards the competitiveness and possibilities around the L7 brand can 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 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 Covid19. The city is transforming into a vibrant one with start-ups and venture capital surging.
“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 Hotels HQ spokesperson.
Sejin Ahn, the CEO of LOTTE Hotels, said: “We made history in the 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 km (a 30-minute drive) away from O’Hare International Airport. It boasts an excellent location by being within a 20-minute walk of 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 across a 13-storey building, and renovations are planned to present the unique lifestyle of L7.
Meanwhile, LOTTE Hotels 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 travellers – premium landmark hotel Signiel, classic upper-upscale LOTTE Hotels, lifestyle hotel L7 Hotels, business-optimised LOTTE City Hotels, and LOTTE Resort for family travellers.
ABOUT THE CHAIN
Lotte Hotels & Resorts, the largest hotel group in Korea, is expanding beyond Asia to become a global brand.