[Asia Economy Reporter Jeon Jinyoung] Lotte Hotel announced on the 20th that it will officially launch the premium senior residence brand ‘VL (Vitality & Liberty, hereinafter VL).’
VL is the first senior residence specialized brand introduced by a hotel company in Korea, integrating customized lifestyle services into residential complexes. The brand name embodies the value of “guaranteeing a comfortable and free life and promising a vibrant daily life.” Lotte Hotel plans to lead a new senior lifestyle by concentrating its unique hospitality service expertise into VL.
The population aged 50 to 74, accounting for more than 30% of the total domestic population, is called ‘active seniors’ as they continue to actively participate in social and economic activities, unlike previous senior generations. In particular, the baby boomer generation known as YOLD (Young Old), who have emerged as active consumers based on solid economic power even after retirement, is future-oriented and trendy to the extent that they are clearly distinguished from previous senior generations in areas such as investment and leisure activities, as their name suggests.
VL aims to provide ‘Age Friendly’ services tailored to the needs of active seniors in response to the changing generational characteristics. First, high-quality hotel services stand out. It offers 24-hour concierge service, housekeeping service twice a week, and chauffeur-accompanied rental car service to enhance the convenience of residents’ lives. This considers the changing living patterns of YOLD, who increasingly choose personal life over cohabitation with their children.
Health management services include personalized healthcare services by medical specialists in collaboration with large nearby medical institutions, as well as customized healthy meals managed by hotel chefs, enabling residents to maintain optimal health conditions.
Cultural and leisure services that promote interaction among residents and allow them to enjoy leisure time are also introduced. Inside the complex, community facilities such as a library, sauna, and GX room are provided for hobbies and leisure activities. In addition, various lectures on humanities, art, and exercise will be held, and premium experience programs linked with Lotte Group affiliates, such as premium yacht tours provided by Lotte JTB, will be continuously offered, expected to expand opportunities for communication and experiences among residents.
The ‘Pet Friendly’ policy, which allows pets within the complex for the first time in Korea, will be welcomed by pet owners. This takes into account that one in four Koreans owns a pet. Until now, senior residences in Korea did not allow pets, but now residents can move in with their dogs, alleviating concerns of those who hesitated to move in because of their pets.
The first residence of the VL brand, ‘VL Osiria,’ will begin pre-subscription for two days from the 5th to the 6th of next month. It is the largest senior complex in Korea, located in the Gijang-gun area of Busan, with 4 basement floors and 18 above-ground floors, a site area of 61,031㎡, and a total floor area of 198,670㎡. In addition to the 574 units of VL Osiria operated and consulted by Lotte Hotel, the complex includes 408 units of healthcare houses managed by Sun City, Rauher Oriental Medicine Hospital, a comprehensive medical center, and commercial facilities.
In the future, Lotte Hotel plans to operate premium senior residences centered on station areas in the metropolitan area with excellent transportation and living conditions, as well as complex districts in metropolitan cities. An Sejin, CEO of Lotte Hotel, evaluated, “The domestic silver industry has rapidly grown into a 100 trillion won market in just over 10 years, but it is still a market with infinite growth potential,” and expressed expectations for the new business, saying, “VL will become a powerful growth engine in the age-friendly era based on the service know-how accumulated by Lotte Hotel in the leisure industry.”
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