Four Seasons Seoul

Just to wrap up my January 2012 post on Mirae Asset's luxury hotel project in Gwanghwamun ("A 6 Star Hotel in Gwanghwamun?"), which as expected went to Four Seasons, and will open on May 2015:

See also "Four Seasons Hotels and Resorts enters Korea" (Four Seasons PR 20130904)

For the prestigious hotel group, Seoul fills a gap in an increasingly strategic region. Mirae Asset confirm their ambitions in hospitality businesses: they bought the Four Seasons Sydney a few days before the deal was announced (from Eureka Funds Management, see "Four Seasons sold for $340 million" - The Sydney Morning Herald 20130821), and also pilot the Courtyard by Marriott in Pangyo.

Now I realize that I never shared any image of a project I often pass by. Well the working site is not that spectacular...

March 14, 2013 (much more advanced today!)

... and the architecture not very original either:




The future 317-room hotel near Sejongno Sageori

 
As far as office spaces are concerned, Gwanghwamun area has been dotted with many new towers over the past years, and in order to fill them, operators had to suck tenants out of older and lower tier buildings. If many hotels will open across Seoul in the months and years to come, this shouldn't be the case for a hospitality franchise targeting elites.

Still, competition will be fierce. Particularly since all major players have completed renovation, most recently their main rival, The Shilla Seoul, which at last decided to act as a leader by opening a high end Korean restaurant: even if they don't make a fortune with 'La Yeon', that's a higher calling (see "Korean Cuisine Aiming At World's Top Five. China is watching"). I would be disappointed if Four Seasons Seoul failed to propose fine Korean dining.


Seoul Village 2013
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A 6 Star Hotel in Gwanghwamun?

If Korean Air's ambitious 7-Star 'hanokish' hotel near Anguk* remains on hold, Mirae Asset's project for a 6-Star hotel at Gwanghwamun Station seems back on tracks.

As we saw earlier, many office buildings are to be delivered over the next few months and years in this area, and across the capital, some projects are already being partly converted into hotel rooms because the boom in tourism is expected to continue as Seoul catches up with rival world magnets. No wonder Jongno-gu wanted developpers to come up with something different than the office space initially planned at this prestigious address (Gwanghwamun Naegeori or the Saemunan-ro / Sejongdae-ro intersection).

We first heard about the project last March but today, more details were released in the media: 26 floors, 316 to 348 rooms, and an inauguration scheduled for 2016. To operate the hotel, Mirae would love to deal with Four Seasons. The franchise usually settles for buildings with a long history but here, the location is loaded with culture and history : in Shinmunro, between Gwanghwamun Square and Gyeonghuigung, just opposite Cheonggyecheon, and halfway between Gyeongbokgung/Seochon and Deoksugung/City Hall**. Bonus: a relatively low competitive pressure (not far from the Koreana Hotel, but clearly in a different area than the Westin or the Plaza).

Hankyung (Korea Economic Daily) published an update of the tourist hotels under construction in Seoul (""외국인 관광객 잡아라" 서울 도심 호텔 6000실 '공사중'"): a total of 6,000 rooms, and a few other Jongno-gu projects (JW Marriot in Jongno 6-ga, Waterfront in Gwansu-dong, and Ibis Ambassador in Ikseon-dong).

I hope the sketch presented in that article as the future Gwanghwamun landmark is just a first draft.

Seoul Village 2012
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*"Korean Air Grounded : Seoul 7 Star Hotel Delayed"
** and don't forget Baekundongcheon ("Baekundongcheon / Gwanghwamun-gil - A River Runs Through It")!