[Asia Economy Reporter Hyunseok Yoo] Samsung Pharmaceutical is partnering with the hotel brand Hyatt to embark on constructing a differentiated hotel that reflects the characteristics of the bio-health industry near Osong Advanced Medical Complex and Life Science Complex.
On the 15th, Samsung Pharmaceutical announced that it signed a contract related to ‘Hyatt Place’ for approximately 1,200 pyeong on hotel land it owns (664-2 Yeonje-ri, Osong-eup, Heungdeok-gu, Cheongju-si, Chungcheongbuk-do).
Hyatt Place Osong, which will feature about 200 rooms and large-scale conference rooms, is scheduled to begin construction early next year, complete in the second half of 2022, and aim for a grand opening in 2023.
The construction cost is expected to be about 40 billion KRW, but the company explained that most of the required funds will be covered through the development and sale of idle hotel land owned by Samsung Pharmaceutical, so no additional financing is necessary.
The construction implementation will be handled by its affiliate, Gemvax Geo. Gemvax Geo, based on extensive experience in hotel, resort, shopping center, and sportainment construction and operation in Korea as well as Vietnam and Cambodia, will concretize the specialized concept of Hyatt Place Osong.
Within a 20 km radius of Osong, there are 63 bio companies and six major national institutions. There are national institutions and various industrial complexes such as the Advanced Medical Complex and Life Science Complex. Recently, the government-led ‘Multipurpose Synchrotron Radiation Accelerator Construction Project’ was confirmed in the nearby area of Ochang, establishing the region as a hub for advanced bio-industry.
Reflecting the regional characteristics, Samsung Pharmaceutical plans to harmoniously implement a large-scale conference center specialized in the bio-health industry and various medical services within Hyatt Place Osong (tentative name), creating synergy with the bio-health industry.
The Hyatt Hotel Group, established in 1957, operates over 900 hotels and resorts in 65 countries worldwide. It owns 20 luxury hotel brands including Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, and Hyatt Place.
David Udell, President of Hyatt Hotels Asia Pacific Group, said, “We are pleased to develop the first Hyatt Place in Korea in collaboration with Samsung Pharmaceutical,” adding, “With thoughtful and intuitive design, we will provide a friendly and comfortable atmosphere equipped with all essential facilities that guests can use during their stay.”
A Samsung Pharmaceutical official stated, “We expect strategic synergy with Osong Advanced Medical Complex and Life Science Complex, which serve as the hub for global bio-medical research and development in Korea,” and added, “Hyatt Place Osong will become a landmark in the region and a strong supporter for revitalizing the bio-industry sector.”
Meanwhile, due to the impact of the novel coronavirus (COVID-19), the contract negotiations and signing were conducted closely through online and postal means. The contract signing ceremony will be held later through further consultation.
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