April 24, 2024

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[THE INVESTOR] Hotel Lotte announced on Oct. 19 that it has been selected as the preferred bidder for Neul Proon Medical Foundation.

The foundation operates Bobath Memorial Hospital, but entered rehabilitation process in September 2015. At the end of last year, the hospital’s assets stood at 101.3 billion won (US$ 90.19 million) and debt at 84.2 billion won. The cost of taking over the hospital is estimated to be over 100 billion won. 

Hotel Lotte is reported to have put in the largest bid. If successful, it will mark Lotte Group’s first foray into the medical services industry.

Hotel Lotte said that the company hopes to expand its social responsibility projects using the hospital’s facilities.

By Choi He-suk (cheesuk@heraldcorp.com)