Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and Parnas Hotel Co. Ltd. last week announced the signing agreement of The Parnas, A Luxury Collection Hotel, Seoul. Located in the city’s upscale southern district of Gangnam, the hotel’s debut will mark the first Luxury Collection hotel in South Korea, joining a portfolio of acclaimed hotels and resorts around the world. It also reflects Starwood’s aggressive expansion plans to maintain its leadership position in the Asia Pacific luxury hospitality landscape.
“We are very pleased to announce the signing of The Parnas, A Luxury Collection Hotel, Seoul as well as the debut of The Luxury Collection brand in South Korea,” said Lothar Pehl, Senior Vice President, Operations and Global Initiatives, Asia Pacific, Starwood Hotels & Resorts Worldwide. “In the past two years, South Korea has experienced a surge in demand for quality and luxury accommodations, and we are thrilled to soon offer guests The Luxury Collection’s exceptional services and enriching experiences in the most stylish neighborhood of Seoul.”
Slated to open in 2016, The Parnas, A Luxury Collection Hotel, Seoul will feature 138 luxuriously appointed guest rooms, including 24 suites. The hotel will feature an exquisite restaurant, specialty bar and lobby lounge and will boast a lavish spa and well-equipped gym. In addition to the brand’s signature concierge service, the hotel will offer exceptional local experiences, serving as a portal for affluent travelers to discover the riveting, yet little explored sights of Seoul.
“While there is increasing demand for luxury hospitality in South Korea, there are limited new opportunities at the highest level,” said Matthew Fry, Senior Vice President, Acquisition & Development, Asia Pacific, Starwood Hotels & Resorts Worldwide. “The captivating brand proposition of The Luxury Collection coupled with the most sought-after address in Gangnam creates an incredible opportunity to showcase the strength of Starwood’s luxury brands and grow in the upper tier of this market.”
“With Starwood’s powerful sales platform and The Luxury Collection’s distinctive global portfolio, we are looking forward to the successful opening of The Parnas Hotel as the brand’s first hotel in Korea,” said Hong-sup Song, Chief Executive Officer of Parnas Hotel, Co. Ltd.
Starwood currently enjoys a formidable presence in the South Korean hospitality sector, with six distinctive hotels, including W Seoul - Walkerhill, Sheraton Seoul D Cube City Hotel and The Westin Chosun Seoul with two hotels in the development pipeline, including Aloft Seoul Gangnam and Sheraton Daegu Hotel.
Starwood continues to lead in the luxury hospitality market in Asia Pacific. The company operates 38 properties under its luxury brands, including St. Regis, W and Luxury Collection, with over 30 hotels in the development pipeline. The Luxury Collection manages 20 properties in the region, with nine additional hotels and resorts in its pipeline. Two Luxury Collection hotels are scheduled to open this year in Dalian and Hangzhou.
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