Decision to Acquire Asset from Hanjin Group Subsidiary
501 Rooms Added to Existing 769
Supporting Government’s Vision to Foster K-Tourism Content
Investment to Expand Accommodation for Foreign Visitors
Contributing to the Revitalization of the Tourism Industry
Paradise announced on the 23rd that its subsidiary, Paradise Sega Sammy, has signed a contract to acquire the Grand Hyatt Incheon West Tower in Yeongjongdo, Incheon from Kal Hotel Network, a subsidiary of Hanjin Group, for 210 billion won.
The Grand Hyatt Incheon West Tower is a five-star hotel with 501 rooms, situated on a land area of approximately 16,000 square meters (about 4,840 pyeong), and opened in 2014. The company explained that this asset acquisition is intended to align with the government's vision to foster K-tourism content, respond to policies such as visa-free entry for Chinese group tourists and the simplification of foreign entry procedures, and contribute to the development of the tourism industry and revitalization of the Incheon regional economy through investment in hotel infrastructure.
Paradise Sega Sammy plans to expand safe accommodation facilities for foreigners through this investment and generate large-scale demand for K-tourism by hosting K-festivals organized by Paradise City, renowned art exhibitions, plaza culture events, and Fun City content.
With this acquisition, Paradise City will increase its total number of rooms to 1,270, combining its existing 769 rooms with the 501 rooms of the Grand Hyatt Incheon West Tower. The company is also considering installing a dedicated bridge connecting the two buildings to maximize synergy between the two properties.
Paradise City is also preparing to open the "Smart Racing Park," an augmented reality racing theme park with a maximum speed of 40 km/h, on a site of approximately 60,000 square meters (about 18,000 pyeong) as part of its second-phase project.
Choi Jonghwan, CEO of Paradise Sega Sammy, stated, "We aim to support the government's policies focusing on culture, arts, and tourism, and to take the lead in achieving 30 million foreign tourists through the development of the tourism industry." He added, "The increase in visitors through exhibition planning and music festivals at Paradise City will create a synergistic effect for industrial development, in line with the government's vision to foster K-tourism."
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