Expected to Become a Key Facility Linked to Yongsan International Business District
Collaboration with Leading Firms Including U.S. Architectural Design Group
HDC Hyundai Development Company announced on the 11th that it plans to attract the global hotel 'Park Hyatt' to the Yongsan Maintenance Depot Front Zone 1 in Seoul.
Park Hyatt is the top-tier hotel brand of the Hyatt Group, strictly managing its brand value worldwide through the 'One City, One Park Hyatt' policy. In South Korea, it operates as a 6-star hotel in two locations: Samseong-dong, Seoul, and Haeundae, Busan. Both were directly developed by HDC Hyundai Development Company and are operated under consignment by its subsidiary, Hotel HDC. Once this attraction is confirmed, Seoul will become a global city with two Park Hyatt hotels.
The redevelopment project of Yongsan Maintenance Depot Front Zone 1 is a massive complex development project located on approximately 71,901㎡ at 40-641 Hangang-ro 3-ga, Yongsan-gu, Seoul. It is planned to consist of 12 buildings ranging from 6 basement floors to 38 above-ground floors, including 777 apartment units, 894 officetel units, and commercial and office facilities. It is situated adjacent to the Yongsan International Business District, with an estimated construction cost of about 955.8 billion KRW.
With a hotel established in Yongsan Maintenance Depot Front Zone 1, it is expected to become a key facility that absorbs global business and tourism demand linked to the Yongsan International Business District. Additionally, it can be organically connected with the I'Park Mall operated by HDC Hyundai Development Company, the currently developing Yongsan Railroad Hospital site complex development, and the development of the underground space of the front park at Yongsan Station.
An official from HDC Hyundai Development Company stated, "Attracting Park Hyatt is not merely about introducing a hotel brand but is an example demonstrating comprehensive complex development capabilities encompassing project planning, construction, and operation," adding, "We expect Yongsan to play a pivotal role in advancing as a global complex city."
For the success of the project, HDC Hyundai Development Company is collaborating with the American architectural design group SMDP for architectural design, the American structural engineering firm LERA for structural design, Samsung C&T Resort Division for landscaping, and CBRE Korea, a global real estate consulting firm, for the retail master plan.
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