|Title||Landmark hotel project in Dong Busan Tourism Complex picks up speed|
(Busan = Yonhap News) Kim Sang-hyun = A project to construct a landmark hotel in the Dong (East) Busan Tourism Complex in Gijang County, Busan Metropolitan City, is set to be implemented in earnest.
On August 12 the Busan Metropolitan Government and Busan Metropolitan Corp. signed an agreement with Conrad Hilton Consortium, which is managed by Emerson Pacific, to implement an investment project to construct a landmark hotel in the Dong Busan Tourism Complex at a conference room in City Hall.
Conrad Hilton Consortium will construct a luxury hotel with the concept of a “castle on the sea” on landmark hotel property in the lodging facility zone within the Dong Busan Tourism Complex.
Going beyond the concept of an ordinary lodging facility, the hotel will be constructed as a top-rated luxury resort that is equipped with a spa, health center, medicine center, and leisure facilities.
By introducing the Hilton brand, the world-renowned hotel chain, the new landmark hotel will be operated as a world-class resort facility together with Namhae Hilton Resort in South Gyeongsang Province.
Conrad Hilton Consortium will invest 210 billion won by 2015 to construct a landmark hotel with nine stories and a total floor space of 90,068 square meters on a 75,766 square meter property in the lodging facility zone of the Beach District in the Dong Busan Tourism Complex.
The site will come with 500 hotel rooms, 120 condominiums, and amenities including an art gallery, an outdoor theater, a kids academy, and conference halls.
Conrad Hilton Consortium is managed by Emerson Pacific, and includes members SsangYong Engineering & Construction; Sungchang General Construction[k4], a Busan-based company; and Python Capital?Advisors, a Japan-based financial firm.
After the signing of the agreement, Busan Metropolitan Corp. (BMC) will establish a special purpose corporation that will be exclusively devoted to the project, beginning architectural design work, and completing land purchase contracts before starting construction in the first half of the next year.
The Dong Busan Tourism Complex is being developed into four districts, including a Theme Park District, an Athletic and Resort District, a Beach District and an Urban Leisure District.
The Theme Park District and Athletic Resort District projects, which are model projects in the complex, already selected developers and construction is well underway. Efforts are also being made to attract investments in other large-scale commercial facilities, an aquarium, a brand hotel, and a hanok (Korean house) village.
A source at Busan Metropolitan Corp. said, “The signing of the contract on the landmark hotel project will serve as catalyst for the development of the Dong Busan Tourism Complex,” adding, “We will make progress with other investment projects sooner than later.”
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