Shinsegae Group is entering the hospitality development business with Aman Group. Together with OKO Group, which has led hotel and residence development projects for the Aman brand, the company will operate the hotel and resort brands Aman and Janu. Chairman Doronin, who owns both OKO Group and Aman Group, has built assets across 84 buildings worldwide totaling more than 7.4 million square meters and has repeatedly delivered distinctive landmark projects in collaboration with leading architects around the world.
Shinsegae Group Chairman Chung Yong-jin recently held a signing ceremony for the establishment of a joint venture between Shinsegae Property Inc. and OKO Group with OKO Group Chairman Vladislav Doronin at Josun Palace, a Luxury Collection Hotel, Seoul Gangnam.
The two companies plan to raise an initial investment fund of $500 million, or about 750 billion won, for the joint venture. The venture will first focus on developing Aman and Janu hotels and residences, the luxury brands of Aman Group, while also working together on mixed-use commercial real estate projects in South Korea and overseas.
Shinsegae Group Chairman Chung Yong-jin said, "This strategic partnership reflects our confidence that Shinsegae Property's development model, proven in Korea, can also be effectively applied in the global hospitality market." He added, "Through close cooperation and mutual complementarity, we will set a new standard in the global luxury hospitality market."
Chairman Doronin said, "It is a great honor to partner with Shinsegae Group, led by Chairman Chung Yong-jin, who has deep expertise in real estate development and finance." He added, "I share Chairman Chung's long-term vision of creating distinctive projects that resonate with travelers, residents, and local communities around the world." He went on to say, "Going forward, we will draw on both companies' expertise to explore outstanding development opportunities together on the global stage."
Kim So-hyung, compact@sportschosun.com
This article has been translated by GripLabs Mingo AI.
