Thursday, July 31, 2014

Lotte Hotels Will Renovate and Manage Aurora Resort, But Has No Plans to Buy It at This Time

Guam News - Guam News

Guam - Lotte Hotel's local Attorney, Cesar Cabot, has issued a release saying that Lotte Hotels & Resorts will be renovating the old Aurora Resort in Tumon, but they "have no plans at the moment to purchase the Aurora."

Cabot told PNC News that Lotte has a long term lease on the property of  30-years.

READ the release from Attorney Cabot below:

To clarify recent local press reports regarding Lotte Hotel the following information was released by the company’s local attorney on Guam.  Lotte Hotels & Resorts is expanding into Guam, a world-class vacation destination. The well known Asian hotelier plans to renovate and manage the Aurora Resort & Spa, a well known, locally owned resort in Guam.  Lotte Hotels have no plans at the moment to purchase the Aurora. Lotte Hotels & Resorts plans to break ground for the renovation and re-open Aurora Resort & Spa under Lotte Hotel’s brand name by the end of this year.

Lotte Hotels & Resorts plans to transform the Aurora Resort & Spa into Guam’s most luxurious hotel.  The multi-million dollar investment will involve a large-scale renovation of all of the hotel facilities including rooms. The Aurora Resort & Spa currently has 242 rooms, 4 restaurants, 3 banquets, an outdoor swimming pool, a spa, a chapel, etc.,” said the hotel in a release.

Lotte Hotels & Resorts will train existing employees of Aurora Resort & Spa as well as those needed to fully staff the hotel to meet one of the highest service standards delivered in Asia. Lotte Hotels & Resorts will be a major employer and contributor to Guam’s economy.

Most visitors to Guam come from Northeast Asian countries: Korea, Japan and China. The local tourism industry can expect that Lotte Hotels & Resorts’ high brand awareness among its source markets will leverage increased arrivals and awareness of Guam as a quality vacation destination.

Lotte Hotels & Resorts operates 8 hotel chains in Korea and one six-star hotel in Moscow, Russia.  In 2012, its flagship property, Lotte Hotel Seoul was named the No. 1 Hotel in Korea by Business Traveler, Global Traveler and TTG Asia. It was chosen as one of the Top 10 Hotels in Korean and Japan by Conde Nast Traveler.  In the same year, Lotte Hotel Moscow was recognized as ‘The Best City Hotel in Russia’ by Condé Nast Traveler.

Lotte Hotels & Resorts is part of a much larger enterprise known as Lotte Group.  The multi-national company was formed in Japan in 1948. Lotte Group, a Korean conglomerate, has grown to become the fifth largest in Korea.  Its business includes hotel, retail, construction, petro-chemical, food product and finance businesses among others. Lotte Duty Free, a member of the Lotte Group is also interested in Guam and has recently submitted a response to the Guam airport retail concession RFP.