Top hotel chains eye Hilton Seoul redevelopment
Major hotel franchises are vying to operate a new hotel to be launched as part of the Millennium Hilton Seoul redevelopment project, betting on the site's lucrative potential.
While the redevelopment project involving the former Millennium Hilton Seoul site near Namsan and Seoul Station is underway, led by local real estate asset manager Igis Asset Management, top global hotel operators have submitted letters of intent to run the redeveloped hotel, industry sources said Thursday.
Each chain has put forward its top-notch luxury brands in the competition, with Marriott pushing for Ritz-Carlton, Hilton for Waldorf Astoria, Hyatt for Alila, IHG for Regent, Accor for Sophitel, Kerzner International for One & Only and Shangri-La for its eponymous brand.
The project, dubbed Iota, will transform the 339,000-square-meter site into a mixed-use property, encompassing office towers, a six-star hotel, retail spaces and a public green area. The total redevelopment area is over 460,000 square meters. Construction is slated to begin in the first half of 2025.
With more foreign tourists visiting Korea, global hotel operators are eyeing to expand their presence here. In 2024, 16.37 million foreign tourists visited Seoul, marking a 48.4 percent rise on-year.
Backed by the growth, hotels in the Seoul area have been enjoying high occupancy rates. The average occupancy rate of major hotels in Seoul was reported to be above 80 percent in November last year, a relatively high number for the offseason.
While the Iota project is expected to wrap up around 2030, the iconic hotel lobby of the Millennium Hilton Seoul will be preserved throughout the redevelopment process. The hotel property featured a main lobby at the entrance which was designed by the nation's leading contemporary architect, Kimm Jong-soung.
'Top hotel brands have shown a willingness to operate a hotel on the Hilton Seoul site. The launch of a global luxury hotel brand will strengthen Seoul's appeal,' an official from the real estate industry said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
21-04-2025
- Korea Herald
The Ritz-Carlton to return to Seoul in 2031
The Ritz-Carlton, a top-tier luxury hotel brand, is set to return to South Korea, having been selected to operate a hotel at the redeveloped Millennium Hilton Seoul site by 2031, the asset manager for the site announced Monday. Igis Asset Management, which is in charge of running the Iota project that involves the redevelopment of the premises of the former Millennium Hilton Seoul in Jung-gu into a mixed-use property, selected The Ritz-Carlton brand as the preferred bidder to run the hotel to be rebuilt at the site. While top global hotel operators submitted letters of intent to run the redeveloped hotel, including Hilton, Hyatt, IHG and Accor, Igis chose to team up with The Ritz-Carlton. The brand is a top-tier luxury label under the wings of hotel giant Marriott International, which owns a portfolio of more than 30 hotel brands. Marriott International had previously operated The Ritz-Carlton hotel in southern Seoul from 1995 until it closed in 2016. There has not been a Ritz-Carlton hotel in the capital city since. The new hotel aims to open in 2031. The Iota project spans roughly 460,000 square meters, and extends out to the nearby Metro and Seoullo Towers. It will feature the redeveloped hotel, office towers, retail spaces and a public green area. Of the property, the hotel will take up some 58,400 square meters. With its management and disposal plan recently authorized, the Iota project is ready to embark soon, the asset manager explained. 'We selected The Ritz-Carlton in light of the brand's willingness to set up the most luxurious hotel in Seoul, its specialty on the Korean market and its global recognition,' an official from Igis Asset Management said. 'The return of The Ritz-Carlton will upgrade Seoul's status in the luxury hotel market across Asia, and enhance the charm of Seoul Station-Namsan downtown area.'
Korea Herald
06-02-2025
- Korea Herald
Top hotel chains eye Hilton Seoul redevelopment
Major hotel franchises are vying to operate a new hotel to be launched as part of the Millennium Hilton Seoul redevelopment project, betting on the site's lucrative potential. While the redevelopment project involving the former Millennium Hilton Seoul site near Namsan and Seoul Station is underway, led by local real estate asset manager Igis Asset Management, top global hotel operators have submitted letters of intent to run the redeveloped hotel, industry sources said Thursday. Each chain has put forward its top-notch luxury brands in the competition, with Marriott pushing for Ritz-Carlton, Hilton for Waldorf Astoria, Hyatt for Alila, IHG for Regent, Accor for Sophitel, Kerzner International for One & Only and Shangri-La for its eponymous brand. The project, dubbed Iota, will transform the 339,000-square-meter site into a mixed-use property, encompassing office towers, a six-star hotel, retail spaces and a public green area. The total redevelopment area is over 460,000 square meters. Construction is slated to begin in the first half of 2025. With more foreign tourists visiting Korea, global hotel operators are eyeing to expand their presence here. In 2024, 16.37 million foreign tourists visited Seoul, marking a 48.4 percent rise on-year. Backed by the growth, hotels in the Seoul area have been enjoying high occupancy rates. The average occupancy rate of major hotels in Seoul was reported to be above 80 percent in November last year, a relatively high number for the offseason. While the Iota project is expected to wrap up around 2030, the iconic hotel lobby of the Millennium Hilton Seoul will be preserved throughout the redevelopment process. The hotel property featured a main lobby at the entrance which was designed by the nation's leading contemporary architect, Kimm Jong-soung. 'Top hotel brands have shown a willingness to operate a hotel on the Hilton Seoul site. The launch of a global luxury hotel brand will strengthen Seoul's appeal,' an official from the real estate industry said.
Korea Herald
27-12-2024
- Korea Herald
Igis to redevelop Namsan Hilton site into a global landmark
Local real estate asset manager Igis Asset Management announced Friday that its plans to redevelop the former Hilton Seoul site near Namsan are officially underway, following approval from the Seoul Metropolitan Government earlier this week. The project, dubbed Iota, will transform the 338,982.69-square-meter site into a modern, large-scale hub featuring office towers, a six-star hotel, retail spaces and a public green area comprising 40 percent of the site. Construction is slated to begin in the first half of 2025, led by YD427 Project Financing Vehicle in collaboration with Hyundai Engineering & Construction and Shinhan Financial Group. The project will also extend to nearby Metro and Seoullo Towers, expanding the total redevelopment area to 460,000 square meters. It is expected to be completed by 2030. 'The redevelopment will not only modernize the Seoul Station area but also integrate green spaces and advanced facilities, creating a sustainable and vibrant hub,' an Igis Asset Management official said. The plans include public infrastructure upgrades, such as escalators connecting Seoul Station to Namsan, to improve pedestrian access. The design will also prioritize preserving clear views of Namsan, according to the company. 'The Iota project will elevate Seoul's status as a global city by creating a space that harmonizes nature, culture and cutting-edge architecture,' the official added.
