Shinsegae Group announced its partnership with global real estate development company OKO Group to develop the premium hotel and resort brands Aman and Janu on July 21.
According to Shinsegae Group, Chairman Yong-jin Jung and OKO Group Chairman Vladislav Doronin recently signed a joint venture agreement at the Chosun Palace Hotel in Seoul.
The two companies plan to combine Shinsegae Property's large-scale development capabilities with OKO Group's expertise in luxury hotel construction to target the global hotel, residence, and real estate development markets. The joint venture aims to raise an initial investment of $500 million.
The joint venture will initially focus on developing hotels and residences under the luxury brands Aman and Janu. Additionally, they plan to expand their collaboration in domestic and international commercial real estate development projects.
Chairman Yong-jin Jung stated, "This reflects our confidence that Shinsegae Property's proven development model in Korea can be effectively applied to the global hospitality market. Through close cooperation and mutual complementarity, we will set new standards in the global luxury hospitality market."
Chairman Doronin expressed, "It is a great honor to partner with Shinsegae Group, which has deep expertise in real estate development and finance. I resonate with Chairman Jung's long-term vision of creating unique projects that resonate with global travelers, residents, and communities." He added, "We will seek excellent development opportunities together on the global stage based on our respective expertise."
Founded in 1988, the luxury hotel and resort brand Aman began with Amanpuri in Phuket, Thailand, and currently operates 36 hotels, resorts, and residences worldwide.
Meanwhile, Shinsegae Group is expanding its new business ventures into real estate and artificial intelligence, having recently signed a memorandum of understanding with U.S. AI startup Reflection AI to establish a sovereign AI factory in Korea.
* This article has been translated by AI.
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