The conglomerate, which was founded by Korean businessman Shin Kyuk-ho in Japan in 1948, expanded into South Korea in 1967 with a range of confectionery products. It is now South Korea's fifth largest business conglomerate with interests in finance, retail, petro-chemicals, electronics, hotels and tourism.
On September 1, it will make its debut in the menacer hospitality sector.
"Myanmar is an emerging market and our presence here is overdue," said Mikon Dit, Lotte Hotels & Resorts' marketing director. "And now we are here with a bang. Our hotels and serviced apartments are clearly a unique offering covering all range of visitors to Yangon."
The development includes 343 hotel rooms and 315 serviced apartments, ranging from one-bedroom to four-bedrooms. Facilities include a fitness centre, indoor and outdoor swimming pools, a Jacuzzi, steam and sauna bath.
"Those using the serviced apartments will get to use the hotel facilities like the fitness centre and swimming pools," said Mikon.