Ritz-Carlton to return to Seoul, tapped by IGIS Asset for landmark project

IGIS Asset Management Co., South Korea’s leading real estate investment firm, has named The Ritz-Carlton the preferred hotel brand for its ambitious mixed-use property development project on the site of the former Millennium Hilton Seoul. This marks the ultra-luxury chain’s return to Korea after a 15-year absence.

The announcement on Monday confirms that Marriott International Inc.’s top-tier luxury brand will anchor the hospitality component of the “Iota Seoul,” a landmark property redevelopment project opposite Seoul Station.

The 460,000-square-meter (46 hectare) site at the foot of Seoul’s Mt. Namsan will become one of the capital’s most prominent urban regeneration efforts, comprising high-end offices, luxury retail shops and a premium hotel, according to IGIS.

The decision follows a competitive selection process launched late last month, with five global hotel groups vying for the contract.

The Ritz-Carlton Hotel Company LLC, which operates more than 110 properties worldwide and traces its heritage to the famed Ritz Paris hotel in 1899, emerged as the final choice.

The brand previously operated in Seoul’s Gangnam district from 1995 until its withdrawal in 2016 following the expiration of a management agreement.

The new Ritz-Carlton Seoul is scheduled to open in 2031, re-entering the market with a design and service concept aligned to global luxury standards.

Marriott has been actively scouting premium urban locations in Seoul over the past five years, guided by a strategy focused on “prime location, ideal partners and premier luxury branding,” according to a person familiar with the group’s plans.

IGIS ACQUIRED MILLENNIUM HILTON FROM CDL

IGIS Asset acquired Millennium Hilton Seoul in 2021 from Singapore-listed City Developments Limited (CDL) for 1.1 trillion won ($771 million).

The hotel, founded in 1983, closed at the end of 2022 for redevelopment.

Hyundai Engineering & Construction Co. (Hyundai E&C) is participating in the redevelopment project with its investment of 409.9 billion won.

“Iota Seoul offers the ideal conditions for the return of The Ritz-Carlton,” said a Marriott International official. “With its strategic location bridging Seoul Station and Namsan, and strong partners from IGIS and Hyundai E&C, this project is set to redefine the city’s luxury hospitality landscape.”

The project recently received planning approval from the Seoul Metropolitan Government.

SET TO ELEVATE SEOUL'S INTERNATIONAL STATURE

The new Ritz-Carlton Seoul will span 58,400 square meters of floor space within a tower rising 39 stories above ground.

Architectural design for the hotel and adjacent office tower is led by London-based Foster + Partners, the firm behind Apple Inc.’s global headquarters in Cupertino.

Skidmore, Owings & Merrill LLP (SOM), the world’s largest architecture firm based in the US, is responsible for the redevelopment of nearby parcels, including the former Metro Tower site.

The broader Iota Seoul project aims to transform the corridor between Seoul Station and the Namsan foothills, integrating new public green spaces and pedestrian-friendly access.

The inclusion of a Ritz-Carlton is expected to significantly raise the profile of the surrounding district and reaffirm Seoul’s status in the competitive Asia-Pacific luxury hospitality market, according to IGIS.

“The return of The Ritz-Carlton is a strategic choice reflecting both its global brand equity and its fit with our vision to establish a premier luxury hotel in Seoul,” said an IGIS official. “We believe this will elevate the international stature of the capital and further energize the urban core between Namsan and Seoul Station.”

Write to Gyeong-Jin Min at min@hankyung.com
In-Soo Nam edited this article.