Josun Hotels & Resorts to Add Two Hotels Next Year, Operate 14 Nationwide by 2030

[Financial News] Josun Hotels & Resorts is accelerating the expansion of its domestic hotel business, with plans to open new hotels next year in Jongno, Seoul, and Yeosu, South Jeolla Province. The company aims to improve facilities and services at its existing major hotels while expanding its new openings, with a view to operating 14 hotels in South Korea by 2030.
According to industry sources on the 2nd, Josun Hotels & Resorts, which is marking the 112th anniversary of its opening, will unveil new hotels next year in Jongno-gu, Seoul, and Yeosu, South Jeolla Province. It plans to expand its hotel portfolio by moving into other key locations across the country, including Cheongna and Andong.
The two new hotels will operate under converted brands of existing hotels. To that end, Josun Hotels & Resorts formed a consortium with Shinsegae Property Investment Management Inc. to pursue asset acquisitions and development. A key feature of the project is a business structure that uses project REITs to separate ownership of hotel assets from their operation. The asset acquisition procedures for both hotels have now been completed, and preparations for rebranding and operations are underway, with openings planned for next year.
The new hotel planned for Jongno-gu, Seoul, is the four-star Orakai Daehakro Hotel, which was completed in 2019 and has 232 rooms. The asset acquisition was completed in June, and construction is set to begin in January next year. The hotel is expected to open in the first half of the year as Josun Hotels & Resorts’ 10th hotel.
In Yeosu, South Jeolla Province, the company will introduce the Ramada Plaza by Wyndham Yeosu Hotel, a 427-room property completed in 2020. The asset acquisition process was completed last month, and the hotel is scheduled to open next year after its brand is converted. This will mark Josun Hotels & Resorts’ first entry into the Honam region.
Alongside expanding its portfolio of new hotels, the company will also improve facilities at its existing major properties. It plans to enhance service competitiveness by upgrading rooms, food and beverage offerings, wellness facilities, and wedding and banquet venues at key five-star hotels, including Josun Palace, a Luxury Collection Hotel, Seoul Gangnam, The Westin Josun Seoul, and The Westin Josun Busan.
Josun Palace, a Luxury Collection Hotel, Seoul Gangnam, will create approximately 1,256 square meters (about 380 pyeong) of new ancillary facilities. New offerings will include an urban wellness spa, an upscale Japanese restaurant serving private omakase, and a business lounge for meetings and networking. Construction on the Wellness Club on the 26th floor and some guest rooms on the 27th floor is set to begin in December, with the new facilities scheduled to open in the first half of next year.
The Westin Josun Seoul has completed renovations of its suites and has been welcoming guests to the refreshed rooms since the 26th of last month. The renovation added a newly designed 90-square-meter Premium Executive Suite. The Westin Josun Busan has completed a full renovation of its Grand Ballroom, wrapping up major facility improvements that took about three years.
Choi Hun-hak, CEO of Josun Hotels & Resorts, said, “2027 will be an important turning point as Josun Hotels & Resorts moves ahead in earnest with new openings in key locations across the country, taking its hotel business into a new phase of growth. While continuing to expand our hotel portfolio, we will also enhance the guest experience at our major hotels and further strengthen our competitiveness as a leading hospitality company in South Korea.”
[email protected] Jang Yu-ha Reporter