LOTTE HOTEL announced on February 16th that it has signed franchise agreement with Russian construction company, Metropolis LLC for hotel operation in Sochi, Russia. Hereby, the 5th LOTTE HOTEL in Russia is slated to open in 2025 in Sochi, the former winter Olympics host city.It is the first franchise agreement of LOTTE HOTEL, and was signed by Heeyoung Park, the gen eral manager of LOTTE HOTEL VLADIVOSTOK and Anna Nevzorova, the director of Metropolis LLC on January 31st 2022 (local time). The hotel is to be owned by Metropolis LLC and will be managed by LeePrime, the Moscow-based hospitality and residential service management company.In terms of franchising, generally entrusted to global hotel brands, the owner directly operates the hotel and receives the brand name and operation standards of a particular hotel brand in exchange for brand loyalty. For a hotel brand, although it is a business model to effectively expand brand and generate profit without much investment, it is a diffi…
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