CHICAGO—An affiliate of 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. This 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, Hyatt Place Seoul will offer 204 guestrooms, meeting facilities, a three-meal restaurant, a bar and fitness center.
“Next to the hotel’s site, we are currently developing the Dongdaemun Design Plaza & Park (DDP), which will contain a multi-use park, a fashion plaza, an underground mall and the restoration of a number of national heritage items,” Oh-Choon Kwon, president of KY Development, said in a statement. “We expect the DDP to open by March 2014.”
As of March 31, 2013, Hyatt’s hotel pipeline included executed management or franchise contracts for approximately 200 hotels across all brands in all of the regions in which Hyatt hotels operate.