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Chicago & Midwest  + Chicago + Downtown  + Hospitality  | 
Kimpton Hotel Monaco Chicago interior

South Korean Hotel Chain Adds Chicago to Its U.S. Map

South Korea-based Lotte Hotels & Resorts has been revealed as the mystery buyer of the Kimpton Hotel Monaco Chicago in the Loop, Crain’s Chicago Business reported, citing sources familiar with the deal. The hotel arm of Seoul-based Lotte Group is set to pay $36 million for the 191-key property at 225 N. Wabash Ave., which it’s buying from Orlando-based Xenia Hotels & Resorts.  

Lotte entered the U.S. market in 2015 when it acquired what is now the Lotte New York Palace hotel in Manhattan and followed up with the debut of the Lotte Hotel Seattle last year. Chicago appears to be its next target in a larger plan to open more than 20 hotels in North America over the next five years, Crain’s reported. 

The company is set to join other foreign investors betting that downtown Chicago’s hotel market will make a big comeback from the COVID-19 pandemic.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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