Hyatt Hotels Corporation has entered into a management agreement with KY Development Co., Ltd., a Seoul-based manufacturing and distribution company, for a Hyatt Place hotel in Seoul. Expected to open in 2016, it will mark the brand’s entry into the South Korean and Northeast Asian markets.
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⎯⎯a shopping district and tourist destination⎯⎯Hyatt Place Seoul will offer 204 guestrooms, several meeting facilities, a three-meal restaurant, a bar, and fitness center.
“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,” says Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels & 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.”
