Grand Hyatt Hotel, Seoul
18 October 2013
President Benigno S. Aquino III’s two-day state visit included a meeting with Hotel Lotte Company officials, led by President and CEO of Hotel Lotte Co. Ltd and Lotte Sky Hill C.C. Dr. Yong-dok Song at the Grand Hyatt Hotel in Seoul.
President and Head of Lotte Group Strategy & Vision Mr. Kag-gyu Hwang and Executive Managing Director & CEO of Lotte Asset Development Mr. Chang-kwon Kim accompanied Mr. Song.
In their meeting, Lotte confirmed its commitment to build a 350-room hotel/department store in Cebu and to make other investments in confectionery, retail, real estate, and food manufacturing. In a projected completion within the next five years, these projects are estimated to total over USD 1 billion.
President Aquino urged Lotte to also look into the feasibility of investing in new tourist facilities in Palawan.
The group has expressed its plan to send a scouting team in the Philippines shortly after the said meeting. The trip to the country is designed to identify other areas of investment opportunities, and to touch base with potential joint venture partners.
Lotte Hotels and Resorts is part of the Lotte Group, one of the largest Korean conglomerates (“chaebol”). Lotte has overseas operations in 13 countries and cities and has interests in food, hotel and tourism, entertainment, petrochemical, logistics, construction, finance, information technology and manufacturing.
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