He joins the company from AIG Global Real Estate Investments where he was SVP, head of Hospitality and Leisure Group. At AIG, he was responsible for the sourcing, execution and oversight of a diversified portfolio of hotel investments across North America.
At Lotte, Sarago is responsible for growing the company’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, CEO, 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 25 properties over the next five years throughout the Americas.