Lotte acquires 5-star hotel, huge farm in eastern RussiaIn its attempt to expand its presence in Russia, Lotte Group has bought a five-star hotel and a large-scale farm in the far east of the country, the retail conglomerate announced Friday.
Hotel Lotte has acquired a 100 percent stake of Hyundai Hotel, the only five-star hotel in Vladivostok, from Hyundai Heavy Industries. It has five reception halls and 153 guest rooms. Once the deal is completed, this will be Hotel Lotte’s 10th overseas operation.
Lotte said it expects the new hotel to complement its two existing locations in Moscow and Saint Petersburg. Lotte is the only hotel company from Korea that operates hotels in Russia.
Lotte International, a trade arm of the nation’s fifth largest conglomerate, also purchased a batch of farms located in Primorsky Krai that are one-sixth the size of Seoul. The two deals are worth 86.5 billion won ($79.6 million), the company said.
By Jin Eun-soo