Top hotel chains eye Hilton Seoul redevelopment
Major hotel franchises are vying to operate a new hotel to be launched as part of the Millennium Hilton Seoul redevelopment project, betting on the site’s lucrative potential.
While the redevelopment project involving the former Millennium Hilton Seoul site near Namsan and Seoul Station is underway, led by local real estate asset manager Igis Asset Management, top global hotel operators have submitted letters of intent to run the redeveloped hotel, industry sources said Thursday.
Each chain has put forward its top-notch luxury brands in the competition, with Marriott pushing for Ritz-Carlton, Hilton for Waldorf Astoria, Hyatt for Alila, IHG for Regent, Accor for Sophitel, Kerzner International for One & Only and Shangri-La for its eponymous brand.
The project, dubbed Iota, will transform the 339,000-square-meter site into a mixed-use property, encompassing office towers, a six-star hotel, retail spaces and a public green area. The total redevelopment area is over 460,000 square meters. Construction is slated to begin in the first half of 2025.