Seven-star hotel will be built at Gwanghwamun

By Hwang Aesol



Dubai-based international hotel chain Jumeriah Group is planning to build the first seven-star hotel and a luxury service residence in Gwanghawmun, Seoul, according to a news report.

Jumeriah Group is a member of Dubai Holding, a government-invested company that owns the world`s only seven-star hotels -- Burj Al Arab.

According to Maeil Business Newspaper, the Middle Eastern company is planning to put about $507 million into their first business in Korea. To construct the building, Jumeriah Group established a local agency to be in charge of construction and the company is working on purchasing land around Gwanghwamun by consulting with Macquarie Finance.

"A deposit and partial payment was already made in cash to a current construction company," the local company representing Jumeriah Group told the paper.

The hotel chain has three options to consider in Korea: a joint investment with Hong Kong fund and stock, purchasing the whole building, or leasing the building for the long term of more than 20 years.

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