이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

Korea’s Lotte buys hotel and farm in Russia

Collected: 2017.12.01

Distributed: 2017.12.04

Source: Go Direct

South Korean major conglomerate Lotte Group acquired farmland and a hotel in Russia’s Far East region at 86.5 billion won ($79.5 million) in total, a move that is expected to help Lotte enhance its brand awareness in the region.

Lotte Group said on Friday that its hotel and leisure unit Hotel Lotte Co. signed a contract with Seoul-based Hyundai Heavy Industries Co. to purchase a 100 percent stake in Hyundai Hotel in Russia’s far eastern town of Vladivostok. Also, its trading arm Lotte International Co. bought a farm land located in Russia’s Maritime Province, in the Far East. The farm land commands a total area of nearly 100 square kilometers.

The group said that it would pay total 86.5 billion won for the two acquisitions and aim to close the deals by the end of February next year.

Once the new hotel, which is Vladivostok’s only five-star hotel, opens under Lotte brand next year, it would be Hotel Lotte’s 10th overseas hotel. Hotel Lotte is currently operating two hotels in Russia - Moscow and St. Petersburg - and expects the new hotel to boost Hotel Lotte’s brand awareness in Russia.

With the acquisition of the farm, the Korean conglomerate plans to expand its food business in Russia’s Far East region. The group has various food units including Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food.

By Lee Han-na and Cho Jeehyun

List

Previous: Heads-up from Pulse - Dec. 4-8

Next: LG Group Chair’s son Koo Kwang-mo to lead LG Elec’s ID division