April 19, 2024

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[THE INVESTOR] Korean retail giant Lotte Group said on Dec. 1 that it has purchased a hotel and farm in Russia as it seeks to tap deeper into the overseas markets.

Hotel Lotte, the lodging and accommodation arm of Korea’s fifth-largest conglomerate with sprawling businesses in food, retail and construction, bought a 100 percent stake in Hyundai Hotel in Vladivostok from Hyundai Heavy Industries.

Another affiliate Lotte International purchased a farm, approximately one-sixth the size of Seoul and located in Russia’s Maritime Province.

Lotte said the two deals, worth a combined 86.5 billion won (US$79.40 million), are forecast to be closed by the end of next February.

Hyundai Hotel, situated in central Vladivostok, is a luxury hotel with 153 rooms. With the takeover, Lotte Hotel will operate a total of 10 hotels overseas, including one in Moscow and another in St. Petersburg.

By Alex Lee and newswires (alexlee@heraldcorp.com)