Paradise disclosed on the 23rd that it signed a deal to acquire the "Grand Hyatt Incheon West Tower" on Yeongjongdo, Incheon, from KAL Hotel Network, a subsidiary of Hanjin Group, for 210 billion won.
Opened in 2014, the West Tower is a five-star hotel with 501 rooms on a 16,000㎡ site, located a three-minute walk from Paradise City. Paradise said the acquisition will allow it to expand room capacity without new construction.
This will increase the number of rooms at Paradise City from 769 to 1,270. The installation of a bridge connecting the two buildings is also under review.
Paradise is also pushing to open an augmented reality (AR)-based "Smart Racing Park," where vehicles can run at speeds of up to 40 kph, on a site of about 60,000㎡ by 2027.
The acquisition was made as a strategic investment to expand tourism infrastructure in line with Korea's tourism revitalization policy and to develop Yeongjongdo into a global tourism hub.
A Paradise official said, "We aim to lead the achievement of 30 million foreign tourists in response to the government's priority policies on culture, arts, and tourism," adding, "An increase in tourists through Paradise City's exhibition curation and music festivals will create a synergy effect for industrial development."