Lotte Group received Fair Trade Commission approval on the 1st to sell stakes held by Hotel Lotte and Busan Lotte Hotel in Lotte Rental to global investment firm TPG. The two companies will sell 38.1% and 23.0% stakes next month at 59,000 won per share, generating 1.31 trillion won ($945 million). Lotte plans to use the proceeds to reduce borrowing at the hotel companies, renovate domestic properties and strengthen operations of premium brands. Hotel Lotte’s first-half operating profit reached 135.6 billion won, triple the year-earlier level, supported by increased foreign tourism. Lotte has raised about 1.7 trillion won this year through non-core business sales and asset-efficiency measures, and plans further restructuring in the second half through sales of non-core businesses and idle assets.