Hyatt Hotels Corporation (NYSE: H) yesterday announced that a Hyatt affiliate has entered into agreements with KT Estate Inc. and Hotel I-Park Co., Ltd. for the development of an Andaz hotel in Seoul's Apgujeong neighborhood in South Korea. Expected to open in 2019, Andaz Gangnam, Seoul will become the first Andaz branded hotel in Korea, joining other Andaz properties in Asia including locations in Shanghai, Singapore and Tokyo.
Known for its culturally rich destinations and inspiring locales, the Andaz brand will expand in Apgujeong, an area of Gangnam that is considered to be one of the most affluent neighborhoods in the country. Comprised of upscale retail shops, prestigious schools, and residential areas, the local neighborhood will enrich guest experiences in Korea during their stay. Main restaurant and retail areas like Cheongdam-dong and Rodeo Street – lined with designer brands and high-end shopping – are all within close proximity. Nearby, some of the country's biggest corporations and entertainment companies have also settled in the area. The high-rise hotel will offer easy access for guests, located just blocks away from two subway stations and minutes away from the Han River, one of Seoul's most prominent landmarks.
In recent years, tourism in South Korea has surged, with 16.7 million passengers arriving at Incheon Airport in 2010 and 24.6 million in 2016. The sights, sounds and tastes of Seoul, the capital and largest metropolis of the country with a population of more than 10 million, will all come to life in the hotel.
"At Hyatt, we are committed to offering experiences in destinations that are meaningful to our guests and each Andaz hotel's atmosphere is influenced by the city and neighborhood," said David Udell, group president, Asia-Pacific, Hyatt Hotels Corporation. "We are excited to showcase how the new Andaz hotel will integrate and complement Gangnam's unique character given Seoul is a very attractive destination as it continues to develop into one of the most competitive cities for global leisure and business travel. We are delighted to work with KT Estate and Hotel I-Park to realize this vision and look forward to continuing to provide guests with the highest level of service, hospitality, and care."
Andaz Gangnam, Seoul will comprise of 241 guestrooms, a lobby lounge (the Atelier), an all-day dining restaurant (the Tavern), approximately 6,458 square feet of meeting space, a pool, and a fitness center with three spa treatment rooms.
KT Estate Inc. is an affiliate of KT Corporation (formerly Korea Telecom) and Korea's largest telephone and broadband internet telecommunications provider. KT Estate owns and manages one of the largest portfolios of prime real estate around Korea and is in the process of developing sites for hotel, residential, and commercial use.
HOTEL HDC Co., Ltd is a subsidiary of Hyundai Development Company Engineering & Construction, one of South Korea's leading real estate developers and construction companies, under the umbrella of the multinational Hyundai brand. Hyundai Development Company has worked with Hyatt in the past for Park Hyatt Seoul and Park Hyatt Busan.
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