Gumi City to Build Global Brand Hotel in Gumi Industrial Complex, Preparing for 5 Million International Tourist City

Koramco and Hoam Global Sign Investment MOU with Gyeongsangbuk-do and Gumi City
99.6 Billion Won to Be Invested by 2028 for Four Points by Sheraton Hotel in Gumi 1st National Industrial Complex

On November 27, Gumi City, North Gyeongsang Province, held a signing ceremony for a four-party investment memorandum of understanding (MOU) for the construction and operation of a brand hotel within the Gumi Industrial Complex at the Grand InterContinental Seoul Parnas. The event was attended by Kim Taewon, CEO of Koramco Asset Management Co., Ltd., Lee Wooho, CEO of Hoam Global Co., Ltd., Lee Cheolwoo, Governor of Gyeongsangbuk-do, and Kim Jangho, Mayor of Gumi City.

This MOU, signed as part of the "POST APEC Gyeongsangbuk-do Investment Conference," served as an opportunity to inform investors and business representatives from 20 Asia-Pacific countries that the hotel project is part of the environmental improvement initiatives within the Gumi Industrial Complex, adding further significance to the event.

Kim Taewon, CEO of Koramco Asset Management Co., Ltd., Lee Wooho, CEO of Hoam Global Co., Ltd., along with Lee Cheolwoo, Governor of Gyeongsangbuk-do, and Kim Jangho, Mayor of Gumi City, attended the signing ceremony of a four-party investment memorandum of understanding (MOU) for the construction and operation of a brand hotel within the Gumi Industrial Complex. / Provided by Gumi City Hall

The investment entity, "Koramco 162nd General Private Real Estate Investment Company," is a collective investment vehicle established with the goal of building a hotel in Gumi 1st Industrial Complex. It is composed of the Korea Industrial Complex Corporation's Environmental Improvement Fund, as well as a construction company, hotel operator, and project management company. Through a business hotel brand franchise agreement with Marriott International, Hoam Global Co., Ltd. will be responsible for operating the "Four Points by Sheraton" hotel.

The total project cost is 99.6 billion won. The hotel will be built on the site at 256-25 Gongdan-dong, consisting of one basement floor and 14 above-ground floors, and will feature 209 guest rooms and a variety of ancillary facilities as a four-star hotel. Construction will be carried out by Seohan Co., Ltd., a construction company with 54 years of experience and the largest shareholder in the project.

Bird's-eye view / Provided by Gumi City Hall

Kim Taewon, CEO of Koramco Asset Management Co., Ltd., stated, "Gumi is an attractive city with strong demand for business hotels centered around its industrial complexes, and I believe it is the most vibrant city in the province with the highest level of economic activity. I hope our hotel will grow as a key facility for making Gumi a 'business-friendly city,' going beyond just providing accommodation."

Kim Jangho, Mayor of Gumi City, welcomed the investment companies participating in the youth-friendly environmental improvement project of the 1st Industrial Complex, saying, "With this investment, I hope the Gumi Industrial Complex will not only see environmental improvements but also become a space frequented by young people. We will spare no administrative support so that our citizens can enjoy 'hotel vacations,' businesspeople can conduct 'communication business' nearby, and various organizations and clubs can hold formal gatherings, making this a multi-purpose facility for all."

The Gumi 1st National Industrial Complex, which broke ground in 1969, has been the foundation of Gumi's and Korea's economic and industrial growth for the past 56 years, evolving from manufacturing to semiconductor and carbon industries. However, due to aging infrastructure, improvements are now needed.

In response, Gumi City is pursuing large-scale projects such as urban regeneration and cultural innovation complexes to drive transformative change in the Gumi Industrial Complex. As part of these efforts, the city is working to strengthen the competitiveness of the industrial complex and improve the residential environment by building a global brand hotel.