By Kim Han-joo
SEOUL, Aug. 31 (Yonhap) -- A string of new hotels by global hospitality chains are scheduled to open in South Korea, targeting the growing luxury and premium segments in Asia's fourth-largest economy, industry analysts said Saturday.
Andaz Gangnam is scheduled to open on Sept. 6, the first Andaz brand by Hyatt Hotels Corp. in the country. It is also the fourth in Asia, following the properties in Shanghai, Tokyo and Singapore.
The super-premium boutique hotel, with 241 guestrooms, is located in the posh district of Apgujeong, an area of Gangnam that is one of the most affluent neighborhoods in the country.
"We are excited to showcase how the new Andaz hotel will integrate and complement Gangnam's unique character given Seoul is a very attractive destination as it continues to develop into one of the most competitive cities for global leisure and business travel," David Udell, group president of Asia-Pacific at Hyatt, said in a press release.
Accor Group's expansion in the country is expected to continue with a pipeline of luxury hotels, including its first Fairmont, Sofitel and MGallery brands over the next few years.
Fairmont Ambassador Seoul, set in the financial district of Yeouido in western Seoul, will feature luxurious 326 rooms. It is set to open in 2020.
The super-premium Sofitel Ambassador Seoul Hotel & Serviced Residences will also officially open in the eastern Seoul district of Songpa in 2021, the company said.
MGallery Seoul Mapo by Sofitel hotel is also set to open in 2022, with residences and offices included in the project. It is located in Seoul's western district of Mapo and will overlook the Han River.
Accor Ambassador Korea, a joint venture between hotel giant Accor and Ambassador Hotel Group, will operate the three properties.
According to a report by the Korea Tourism Organization (KTO), Seoul's tourism promotion agency, the country's luxury travel market is set to grow by 6.2 percent during the 2015-2025 period, compared with a global average of 4.8 percent.
Retail giants undergoing painful restructuring amid earnings shock
New coronavirus set to spell trouble for S. Korean economy
(News Focus) Korean manufacturers bear brunt of new coronavirus
(News Focus) Virus outbreak has no imminent impact on Korean retail sector, yet on preemptive alert
Wealth management service increasingly popular in S. Korea