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The 280 room Hotel Ibis Myeong-dong Being Developed
by Hanaland in the Former Seoul Bank Building

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Innovative economy-style hotel to be part of US$300 million retail and commercial development
 
October 12, 2005 - The outstanding success of Accor’s first Hotel Ibis in Seoul has led to a second Ibis being approved for development, this time in Seoul’s most prestigious business and retail district of Myeong-dong, often considered the “Ginza” of Seoul..
 
The Hotel Ibis Myeong-dong is being developed as part of a US$300 million retail and hotel complex and is scheduled for completion in the second half of 2006. The 280 room hotel will be built above nine levels of retail outlets, and the hotel will offer a restaurant, sauna, gym and meeting/function facilities. 
 
The hotel will feature a very contemporary design with advanced communications technology, LCD screens in all rooms, large working desks and 24 hour reception.
 
The hotel is being developed out of an existing building, the former Seoul Bank building, the first such conversion of an office building in Seoul to a hotel. Accor is a pioneer in the Asia Pacific region for converting office buildings into accommodation property, with significant re-developments undertaken in Japan, Australia and New Zealand.
 
The property is being developed by Hanaland, with Tongyang Investment Bank being the Asset Manager. It will be Accor’s fifth hotel in Seoul, joining the Sofitel, two Novotels and the Ibis in Gangnam.
 
The Hotel Ibis Myeong-dong will offer the district’s best value international standard accommodation. Rates will be in the vicinity of US$100, compared to average rates of US$180 for upmarket accommodation.
 
Commenting on the announcement of a second Ibis for Seoul, Accor Asia Pacific Managing Director, Michael Issenberg, said that while a number of new hotels had opened recently in Seoul, most had been at the top-end of the market. 
 
“The Ibis Myeong-dong will fill a clear market need as there has been no other international-branded 3-star hotel opened in the city since the previous Ibis, over two years ago,” said Mr Issenberg. 
 
“With Myeong-dong being such a prestigious business and shopping district, the hotel’s economy rates will make it popular with business travellers during the week, and leisure travellers during weekends who want a prime location in the city centre at an affordable price.
 
“The Ibis at Gangnam was the first internationally managed economy-brand hotel concept in Korea, and has exceeded all predictions with occupancies consistently over 90% during its first two years of operation and we are confident of achieving an even better result at the Ibis Myeong-dong.
 
“It continues Accor’s policy of being at the forefront of innovation in the Korean hotel market, firstly launching the Novotel brand to cater for the mid-market, and now Ibis for the economy sector.” 
 
Ibis is the world’s most popular economy hotel brand, with over 650 hotels globally, including hotels in Indonesia, China, Hong Kong, Australia and New Zealand, and with plans to expand the brand to Thailand and India. 
 
Accor is the worldwide leader in hotels, tourism and corporate services, employing 168,000 people in 140 countries.
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Contact:

Tom Racette
Manager PR and Communications – Asia
Tel: (662) 659 4535
e-mail: Tom.Racette@accor.com

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Also See: Accor's Economy Brand, Ibis, Launches Operations in South Korea, China and Hong Kong / October 2003
Ibis Hotels Launch new '15 Minute Guarantee' Scheme; 15 Minutes Up...Or The Room's On The House / Feb 2003


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