Lotte Hotels & Resorts Appoints U.S. Regional Director with Blackstone-BRE Experience to Expand U.S. Business
LOTTE HOTELS & RESORTS is actively engaged in developing its activities in the American market by appointing in June Jim Petrus, former executive of Blackstone-BRE Hotels & Resorts, as regional director of LOTTE HOTELS & RESORTS AMERICAS.
LOTTE HOTELS & RESORTS, which started its activities in the United States by opening LOTTE HOTEL GUAM in 2014, acquired LOTTE NEW YORK PALACE, a luxury hotel in Manhattan, in 2015 and became the first Korean hotel brand to invest in New York. Last year, LOTTE HOTEL SEATTLE, the fourth franchised hotel, was successfully inaugurated, consolidating its status as a global hotel group operating both in the east and west of the Americas.
LOTTE, which manages 32 hotels and resorts including 12 international hotels, has recruited Petrus as part of its medium to long term vision, including improving brand value through the expansion of its business in the United States. LOTTE GROUP chairman Shin Dong-bin said in an interview with Nihon Keizai Shimbun last year that the group would strengthen the hotel industry by doubling the total number of rooms to 30,000 over the next five years through Mergers and Acquisitions. [mergers and acquisitions] and additional investments. It is with this vision that the American regional director would lead the management of the LOTTE chain hotels in America.
Petrus is a professional hotel manager with 30 years of experience in Blackstone-BRE Hotels & Resorts, Starwood Hotels & Resorts and Hyatt Hotels. BRE Hotels & Resorts is a chain of hotel-resorts managed by Blackstone, one of the largest private equity funds in the world. BRE operates approximately 100 hotels and resorts in the United States, including iconic resorts in Hawaii, San Diego, and Palm Springs.
Petrus said: âI am honored to join LOTTE HOTELS & RESORTS. I believe that the LOTTE HOTEL brand has great potential and that it will be able to offer investors new growth opportunities.