Four Seasons Hotels and Resorts is entering Korea with its first property due to open in May 2015. In a partnership with Mirae Asset Global Investments, the Four Seasons Hotel Seoul will open in the central business district of Seoul, the company announced.
The new 25-story hotel will have seven levels of underground floors in a 44,315-square-foot site in Sejongro Square. The hotel will feature 317 rooms targeting international executives, with restaurants aimed at business demand from domestic and international firms in Korea, the company stated.
Four Seasons has been exploring growth opportunities in Korea for many years based on the "vast potential," the company said in a statement.
"Despite its rapidly developing economy, supply of luxury hotels in Korea has been limited," Chris Hart, president hotel operations, Asia Pacific at Four Seasons, said in the release. "We are confident that Four Seasons Hotel Seoul will change the face of luxury hospitality in Korea...it represents the perfect combination of the right location and the right partner."
Mirae Asset is a financial services group providing alternative investment opportunities in Korea. As of last December, the company had diversified business entities worth $58 billion under management.
"As the first top-tier luxury branded hotel in Korea, the superior product and services of Four Seasons will elevate the hospitality market in Korea and attract a new segment of global luxury travelers," Mr. Sang-Kee Jeong, vice chairman of Mirae Asset Global Investments said in the release. "We anticipate that the introduction of Four Seasons will be a catalyst for the Korean luxury market."
The hotel will feature interior designs by LTW, AvroKO and AFSO, with input from local architect Heerim, local interior designers Kesson, and general contractor Daelim Industrial.