Korean Telco giant KT’s Midas touch with hotel business

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Korean Telco giant KT’s Midas touch with hotel business - Korea Economic Daily

Quick Summary:

In 2014, KT ventured into the hospitality market by leasing the building redeveloped on the plot for its old telephone service office in Yeoksam-dong, Seoul, to Shilla Stay, a business hotel brand owned by major Korean hospitality group Hotel Shilla.

According to the Korean hotel industry on Thursday, KT Estate Inc., KT’s fully-owned real estate developer, will open European hospitality giant Accor’s premium hotel Pullman in Seoul in partnership with Korea’s homegrown hotel chain Ambassador next year.

A three-star hotel called Moxy opened in Myeongdong in 2022.“KT has contributed a lot to the diversification of the Korean hotel market by inviting various multinational hotel brands,” said an official from the Korean hotel industry, expecting KT will add more hotels in Seoul, where it owns many idle plots.