Korean foreigner-only casino operator Paradise Co’s plan to acquire an additional 501 hotel rooms via the purchase the Grand Hyatt Incheon West Tower has been postponed by almost two months due to adjustments in the schedule for fulfilling certain preconditions to the transaction.
The company explained via a Friday filing that it now expects to complete the acquisition of the hotel tower from KAL Hotel Network on 19 December, postponed from the original date of 31 October. The acquisition price remains KRW210 billion (US$151 million) for the building alone, with the land upon which the hotel sits owned by Incheon International Airport Corporation.
Paradise said that by boosting its hotel inventory at Incheon integrated resort Paradise City, it aims to “strengthen competitiveness as an integrated resort operator and expand sustainable growth through increased foreign tourism demand.” The purchase will expand the room inventory at Paradise City from 769 currently to 1,270.
Paradise operates casinos in Seoul, Busan and Jeju and is majority shareholder in the joint venture partnership with Japan’s Sega Sammy Holdings that runs Paradise City. The company has recently outlined a series of ambitious growth plans aimed at luring international VIPs to its properties.
These include development of 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.
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