Hyatt Hotels Corporation (NYSE: H) says a Hyatt affiliate 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.
The hotel will be the first Hyatt Place hotel in Seoul, marking the upscale select service brand’s entry into the South Korean and Northeast Asian markets.
Expected to open in 2016, 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, an established shopping district and unrivalled tourist destination, Hyatt Place Seoul will offer 204 guestrooms, meeting facilities, a three-meal restaurant, a bar and fitness center.
The new development is set to open in 2016 and will cater to the growing demand in business and leisure travel.
“We are delighted to collaborate with KY Development Co. Ltd on this project,” said Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels & Resorts.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company.