Lotte Hotels & Resorts Americas Announces Gustavo Sarago as Chief Development Officer

NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Lotte Hotels & Resorts ("Lotte") welcomes Gustavo Sarago to the newly created role of Chief Development Officer, Americas.

Sarago joins Lotte from AIG Global Real Estate Investments where he was Senior Vice President, Head of Hospitality and Leisure Group. At AIG, Sarago was responsible for the sourcing, execution and oversight of a diversified portfolio of hotel investments across North America. At Lotte, Sarago will be responsible for growing Lotte's collection of lifestyle and luxury brands—Lotte, L7 and Signiel— throughout the Americas with a focus on gateway cities, tech centers and iconic resort destinations.

"We are thrilled to have Gustavo join our team here in the Americas" said Jim Petrus, Chief Executive Officer, Lotte Hotels & Resorts Americas. "Gustavo's passion, enthusiasm and strategic thinking will play a key role in Lotte's success as we further develop the footprint of our great brands."

Lotte currently owns and operates three hotels in the Americas ­Lotte New York Palace, Lotte Hotel Seattle and Lotte Hotel Guam. In early 2022, Lotte purchased a property in Chicago, which it is currently converting to L7­­—­Lotte's lifestyle brand. L7 Chicago is expected to open in 2023. Lotte Hotels & Resorts is targeting to grow its footprint by twenty-five properties over the next five years throughout the Americas.

Sarago is a graduate of the School of Hotel Administration at Cornell University and resides in the New York City area.

Lotte Hotels & Resorts is the largest hotel group in Korea and currently has 34 hotels globally with 11,200 rooms within its three current hotel brands in addition to another 3 hotels in the pipeline which will bring its room count to 12,400. Lotte Hotels and Resorts is comprised of their signature brand, Lotte Hotels; their Lifestyle brand, L7; and their 6-star brand, Signiel. Currently properties are located in Korea, Vietnam, Japan, Russia, Myanmar, Uzbekistan, and the United States. The newest addition to the Lotte portfolio in the United States is Lotte Hotel Seattle which debuted in 2020. 

SOURCE Lotte New York Palace