CHICAGO—Hyatt Hotels Corporation announced today that a Hyatt affiliate has entered into a management agreement with KY Development Co., 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 and 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. on this project.”