"Also Promoting 'Urido Banyan Tree'... Angry Banyan Tree Seoul"

Promotion of the Condominium Hotel 'Cassia Sokcho' Emphasizes 'Banyan Tree' Premium Image
Banyan Tree Club & Spa Seoul "No Relation at All"

Phrases posted on the online promotional website of the condominium hotel 'Cassia Sokcho.' It is promoted as using the 'Banyan Tree' brand.

[Asia Economy Reporter Cha Min-young] The Banyan Tree Club & Spa Seoul, a luxury hotel affiliated with the Hyundai Group, denied any connection with the pre-sale hotel "Cassia Sokcho" opening in Sokcho, Gangwon Province.

A representative of the Banyan Tree Club & Spa Seoul stated on the 27th, "The project currently being promoted for pre-sale in Sokcho, Gangwon Province under the names 'Cassia Sokcho,' 'Banyan Tree Cassia Sokcho,' and 'Banyan Tree Lounge' is a pre-sale business conducted by a domestic developer in contract with the 'Cassia' brand of Singapore's Banyan Tree Hotels & Resorts Group," adding, "It has no relation whatsoever with the Banyan Tree Club & Spa Seoul in Seoul or Able Hyundai Hotel & Resort, an affiliate of the Hyundai Group."

The project finance (PF) developer 'Mastern No. 88 Sokcho PFV,' operated by Mastern Investment Management, has recently referred to Cassia Sokcho as if it were a 'Banyan Tree' branded hotel identical to the Banyan Tree Club & Spa Seoul located in Namsan, Seoul, during promotional activities. However, the brand that Cassia Sokcho has contracted with Banyan Tree Hotels & Resorts Group for management is 'Cassia,' which is a lower tier than Banyan Tree. The sub-brands operated by Banyan Tree Hotels & Resorts Group include five categories: ▲Luxury premium Banyan Tree ▲Family resort Angsana ▲Apartment-type Cassia ▲Economy-level Dhawa ▲Laguna.

Cassia Sokcho is planned to be built on Sokcho beach with a total floor area of 120,175 square meters, spanning from two basement levels to 26 floors above ground, and comprising a total of 717 rooms. Typically, pre-sale hotels have their management entrusted to the brand, and the revenue generated from hotel operations is distributed as dividends to the owners of each room.

Meanwhile, the Banyan Tree Club & Spa Seoul located in Namsan, Seoul, is an urban resort owned by Able Hyundai Hotel & Resort, an affiliate of the Hyundai Group, and is managed under contract by Banyan Tree Hotels & Resorts Group. It celebrated its 10th anniversary on the 1st of last month.