March 22, 2013--SEOUL (The Korea Herald/ANN) -- Lotte Hotel will take part in the burgeoning hotel scene in Busan, announcing on Thursday its plan to open a new property in 2017.

With the growing number of tourists in the port city, the second largest city of Korea is in need of more hotel rooms and accommodations. To meet the demand, luxury hotels are flocking to open new properties at high-rise development sites near Haeundae beach.

Lotte Hotel said it signed a memorandum understanding with the developer LCT PFV on the hotel opening and establishing the related facilities. The new hotel will be the 7th five-star property of the hotel company in Korea and feature 290 guestrooms.

"Lotte Hotel is Korea's leading hospitality company with the aim to become Asia's top hotel brand by 2018," said an official of the developer LCT. "Their goal is in line with our vision to make the world's best resort with quality service," the official added.

The new hotel will open in a 101-story building, which will be built on a 65,934 square-meter lot. The other LCT properties will feature 84-story residential towers and seven-story buildings.

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