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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.
- ◦Sale/Acquisition