Cushman & Wakefield Korea said on the 24th that the Japanese capsule hotel brand First Cabin is set to open at the mixed-use commercial complex Noon Square in Myeong-dong, Jung-gu, Seoul.
First Cabin will invite industry officials for a pre-opening event on the 26th, then, after finishing interior work and inspections, it plans to begin full operations in July. For this space-reconfiguration project, the hospitality advisory team at global commercial real estate services firm Cushman & Wakefield Korea secured the strategic tenant.
The new First Cabin Myeong-dong has converted the upper floors (the entire 7th floor), previously focused on retail, into lodging. It is a strategy aimed at the growing shortage of accommodations in downtown Seoul as the number of foreign tourists to Korea surges and travel trends shift toward free independent travelers (FIT).
IGIS Asset Management, which is in charge of this building's asset management, has sought to change the lease mix to stabilize real estate value over the long term and diversify the revenue model. In line with this, Cushman & Wakefield Korea carried out value-add consulting to enhance asset value, including market data analysis, sourcing global hotel operators, and designing optimal contract structures.
Making its debut in the domestic market, First Cabin is a Japanese brand specialized in dense utilization of tight urban space. It highlights excellent space efficiency and reasonable rates as key strengths.