[Asia Economy Reporter Eunmo Koo] The Millennium Hilton Seoul, a luxury hotel with a 40-year history, will cease operations on the 31st of this month.
According to industry sources on the 29th, Hilton Seoul has announced the closure on the 31st through its website and other channels.
The Millennium Hilton Seoul is a 5-star hotel with one basement floor and 22 above-ground floors, built in 1983 and designed by first-generation modern architect Jongseong Kim.
Hilton Seoul, operated by Daewoo Development, was sold to CDL, a subsidiary of the Singaporean company Hong Leong, following the International Monetary Fund (IMF) financial crisis. Due to declining profitability, it was later sold again to Aegis Asset Management. Aegis Asset Management plans to demolish the Hilton hotel and build a complex consisting of offices, hotels, and other facilities.
Meanwhile, voices from the architectural community have called for preserving the historical value of Hilton Seoul instead of demolishing it.
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