Singapore’s Park Hotel Group has taken another step forward in its Asia Pacific expansion strategy by signing its first ever property in South Korea.
The company has sealed a deal with Korea’s K2 Group for the management of the Park Hotel Yeongdeungpo, which is scheduled to open in Seoul in early 2017. The agreement comes just four months after Park unveiled plans for its first Malaysian hotel and 12 months after it announced its entry into Australia.
“Going into South Korea has always been in the plan and this opportunity comes at a time when the country enjoys double digit year-on-year growth in inbound tourism in the first half of 2016, led by the government’s commitment and investment to boost tourism,” said Allen Law, CEO of Park Hotel Group.
Located in Seoul’s Yeongdeungpo district, close to the Hangang River, the new-build Park Hotel Yeongdeungpo will be positioned next to the Seonyudo subway station and 45 minutes’ drive from Incheon International Airport.
The hotel will feature 150 rooms and suites, a main restaurant, cafe and a rooftop restaurant and bar, plus a fitness centre and function rooms.
The Seoul-headquartered K2 Group specialises in credit card systems and this project marks its first foray into the hotel sector.
“We are looking for a partner that shares the same growth vision as us and Park Hotel Group has a track record of delivering business and operational excellence for its hotels in Asia Pacific. With Park Hotel Yeongdeungpo, Seoul added to its portfolio, we have every confidence that the hotel will offer a differentiated experience with its local knowledge matched with top quality service standards,” said Min Cho Heung, chairman of K2 Group.
Park currently operates 10 hotels across the Asia Pacific region, located in Singapore, China, Hong Kong, Japan and Indonesia. As well as its new properties in Australia and Malaysia, which will open in Adelaide and Melaka in 2018 and 2109 respectively, the company is also planning to open a fifth hotel in Singapore in 2017.