[Jeju=Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won] Lotte Tour Development has completed the procedure to relocate its headquarters to Jeju.
On the 21st, Lotte Tour Development held a shareholders' meeting and a board meeting consecutively and announced that it had officially approved the amendment of its articles of incorporation to move the company headquarters to 12 Noyeon-ro, Jeju City (Jeju Dream Tower Complex Resort).
Lotte Tour Development plans to proceed with the registration transfer process at the court immediately. Accordingly, Lotte Tour Development will close the Gwanghwamun era that lasted 50 years since the company's establishment in 1971 and start a second founding in Jeju.
Kim Ki-byeong, Chairman of Lotte Tour Development, expressed his ambition, saying, "Through the Jeju Dream Tower Complex Resort, which is being developed as a key tourist attraction in Jeju Island, we will enhance our status as a major tourism country and become the top local company that fulfills the promises of being number one in high-quality jobs and taxes."
Lotte Tour Development invested over 1 trillion won for the development of the Jeju Dream Tower Complex Resort, with a total project cost reaching 1.6 trillion won. Additionally, the number of new hires is expected to be 3,100, creating the largest number of jobs ever by a single company in Jeju's employment history. Lotte Tour Development plans to prioritize hiring 80% of these positions from local residents.
Currently, the construction progress of the Jeju Dream Tower Complex Resort is at 99.9%. It plans to receive the completion permit within this month and submit the casino relocation permit application as soon as the hotel rating is decided. Lotte Tour Development received a suitability judgment for casino relocation in the casino industry impact assessment conducted by Jeju Province on the 14th of last month.
The Jeju Dream Tower Complex Resort stands 38 floors and 169 meters tall, about twice the height of the tallest Lotte City Hotel in Jeju (89 meters), and has a total floor area of 303,737㎡, which is 1.8 times larger than the 63 Building in Yeouido, making it the largest scale in Jeju.
The world-renowned premium hotel brand, Hyatt Group, will operate the entire 1,600 all-suite rooms, 14 restaurants, an 8th-floor pool deck, a 38th-floor sky deck, and hotel facilities under the GRAND HYATT JEJU brand.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
