Aloft to Expand in South Korea
Sunday August 12th, 2012 - 8:00PM
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SUWON, SOUTH KOREA—Starwood Hotels & Resorts Worldwide's Aloft brand plans to open its first hotel in South Korea in late-2014 in this industrial suburb of Seoul.
The 120-room hotel, which will be part of a mixed-use development, including retail and residential components, will be owned by locally based Youngshin HDR Co. While a first for South Korea, it will be the 11th Aloft for the rapidly expanding Asia-Pacific region.
"We are pleased to partner with Youngshin Hrd., Ltd. to bring the Aloft brand to South Korea for the first time," said Stephen Ho, president, Asia Pacific, Starwood Hotels & Resorts Worldwide, Inc., in a statement.
"While Starwood has maintained a long-standing presence in South Korea since the opening of the Westin Chosun Busan, this signing marks an important milestone in our overall growth strategy to expand the Aloft brand," Ho continued. "Aloft Suwon will add to 10 existing Aloft hotels in exciting cities throughout the Asia Pacific Region."
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.