Seoul, South Korea – 29 May 2013 – Hyatt Hotels Corporation announced today that a Hyatt affiliate has entered into a management agreement with KY Development Co., Ltd., a Seoul based manufacturing and distribution company, for a Hyatt Place hotel in Seoul. The hotel will be the first Hyatt Place hotel in Seoul, marking the upscale select service brand’s entry into the South Korean and Northeast Asian markets. Expected to open in 2016, Hyatt Place Seoul will join three existing Hyatt-branded hotels in Seoul, including Park Hyatt Seoul, Grand Hyatt Seoul and Hyatt Regency Incheon.
Situated in Seoul’s Dongdaemun area, an established shopping district and unrivalled tourist destination, Hyatt Place Seoul will offer 204 guestrooms, meeting facilities, a three-meal restaurant, a bar and fitness center. The new development is set to open in 2016 and will cater to the growing demand in business and leisure travel.
“We are very excited at the opportunity to introduce the fourth Hyatt brand in South Korea. This announcement further demonstrates our commitment to the country and our belief in Seoul’s robust economy,” said Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels & Resorts. “The Hyatt Place brand will perfectly complement Hyatt’s current full service hotel distribution in Seoul, and we believe that the brand will serve the increasing demand being generated by the commercial growth of the Gangbuk district and retail shopping of Dongdaemun. We are delighted to collaborate with KY Development Co. Ltd on this project.”
“Next to the hotel’s site, we are currently developing the Dongdaemun Design Plaza & Park (DDP), which will contain a multi-use park, a fashion plaza, an underground mall, and the restoration of a number of national heritage items,” said Oh-Choon Kwon, president of KY Development. “We expect the DDP to open by March 2014, and making Dongdaemun one of the most predominant fashion hubs in South Korea. We believe DDP will attract business travelers as well as leisure travelers to Hyatt Place Seoul.”
Hyatt’s hotel pipeline is larger than it has ever been, and as of March 31, 2013, it included executed management or franchise contracts for approximately 200 hotels across all brands in all of the regions in which Hyatt hotels operate.