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.”
silverstar@heraldcorp.com
