Grand addition

Jeju, the holiday destination island of South Korea, will have its Dream Tower Integrated Resort with casino operated by Grand Hyatt

Grand Hyatt is the luxury hotel chain chosen to operate Jeju Dream Tower Integrated Resort, Lotte Tour Development told Business Daily.
The services agreement was signed yesterday, giving the chain its sixth hotel in South Korea, the largest Grand Hyatt in Asia with 1,600 all-suite rooms and 11 restaurants and bars, and the second largest Hyatt in the world in terms of number of rooms.
Scheduled to be completed by September 2019, the double tower integrated resort is located in the downtown area of Jeju, South Korea’s recreation island, and will become the tallest and largest integrated resort in the city. Jeju Shinhwa World, another IR, with several hotels and villas spread across various hectares of land, located 25-minutes drive from downtown, will have its first phase opening at the end of this year.
Standing at 169 meters tall with 38 stories, Dream Tower is a resort complex co-developed by Lotte Tour (with 59 per cent of total gross floor area that also includes restaurants, a shopping mall and an observation deck) and China’s largest real estate developer Greenland Group and the world’s largest construction company CSCEC (with 41 per cent of the remaining space).
Grand Hyatt will operate the 750 hotel rooms in tower one, belonging to Lotte Tour Development, as well as the 850 rooms of the hotel residence that will be put on the local property market.
In a press release, Lotte Tour Chairman, Ki-byung Kim stated that Dream Tower is expected to become “a major tourist destination on Jeju island”, will create “3,000 jobs included hoteliers and casino dealers, and contributes tens of billions of Korean won” to the local tourism fund.
Earlier this month, Lotte Tour issued convertible bonds worth KRW40 billion (US$35 million) to acquire a foreigners-only casino license, as reported by Business Daily.