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Lotte’s upscale hotel Signiel Busan opens as a new landmark of Haeundae

Lotte Group’s second super-luxury hotel Signiel opened this week along the popular beachside of Haeundae under the emotional watch from its chair Shin Dong-bin at the southern port city of Busan, home to his father who had passed away early this year.

The opening ceremony was participated by the group’s top management including chairman Shin Dong-bin, vice chairman Hwang Gak-gyu and Song Yong-dok. Shin told a Maeil Business Newspaper reporter that he was delighted to have another upscale hotel in Busan, the hometown of his father and late group founder Shin Kyuk-ho.

Although the late chairman was born in Ulsan, Busan was his second hometown where he spent most of his younger days dreaming of becoming a business tycoon before he went over to Japan in 1941. He established Lotte Confectionary’s first office in Busan in 1968 and found a baseball team Lotte Giants based in the city in 1982.

As of January, the nation’s second biggest city housed 26 Lotte affiliates hiring 16,000 employees. Lotte Group contributed 110 billion won ($90.9 million) to the restoration project of Yeongdo Bridge and 100 billion won for construction of Opera House in the North Port because of the close tie.

Signiel Busan has 260 rooms on the third to 19th floor of a 101-story LCT Landmark Tower in Haeundae, one of the most popular tourist destinations in the country. Guests can enjoy views of Haeundae Beach and Dongbaek Island at every room, as well as various auxiliary facilities including outdoor infinity pool and Salon de Signiel, a lounge offering free snacks and beverages, according to Hotel Lotte.

“Signiel Busan will help reinvigorate the tourism industry in Busan that has been devastated by COVID-19,” said Hotel Lotte CEO Kim Hyun-sik at the ceremony. “Lotte and Busan have an inseparable connection, and thanks again for the special relationship,” said Busan City Vice Mayor Park Sung-hoon.

Hwang said that the group is eyeing Europe, the U.S. and other foreign nations to build hotels. He added it will open Lotte Hotel Seattle within this year, after delaying the opening due to the pandemic. Regarding Hotel Lotte’s initial public offering (IPO), he said COVID-19 has to some extent disrupted the plan and he will keep a watchful eye for the time being.
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