Korea’s Paradise Co is considering acquiring or investing in more hotel acquisitions following the recent purchase of the Grand Hyatt Incheon West Tower near its Paradise City integrated resort, with Maison Glad Jeju and Seoul’s K-Square Hongdae touted as potential targets.
The consideration was put forward by KB Securities in a note following the recent release of Paradise’s 1Q26 results, with the brokerage describing the hotel interest as providing potential upside.
Maison Glad Jeju is the hotel within which Paradise Casino Jeju Grand is located.
Paradise recently paid US$151 million to acquire the Grand Hyatt Incheon West Tower from KAL Hotel Network, enabling it to expand its room inventory at Paradise City from 769 to 1,270 via the addition of 501 hotel rooms.
The company also revealed in 2024 plans to develop a new US$400 million Seoul hotel, scheduled to open in 2028 and standing 18 floors tall, with around 200 suites and offering premium services for foreign VIPs, luxurious Korean-style cuisine and wellness amenities.
Paradise, whose casinos in Incheon, Seoul, Busan and Jeju are foreigner-only, has made no secret of its desire to strengthen its competitive edge in the regional gaming and tourism market by “establishing a foundation for sustainable growth by expanding demand for overseas tourists.”
KB Securities analyst Choi Yong-hyun last week lowered his target price for Paradise Co due to lower-than-expected Q1 earnings but maintained a “BUY” rating on the stock due to expected Q2 gains from Japan’s Golden Week holiday, more aggressive marketing efforts and the potential upside from additional hotel investments.
The Maison Glad Jeju acquisition “could generate synergies with its Jeju casino operations,” Choi said.
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