Jung Yongjin's Next Move: Partnering with Aman to Expand Luxury Hotels

Shinsegae Property and OKO Group Establish Joint Venture with an Initial $500 Million Investment

Expanding Collaboration from Hotels and Residences to Mixed-Use Commercial Real Estate

Shinsegae Group is joining forces with the global real estate development company OKO Group to embark on hospitality development projects under the global luxury hotel brands "Aman" and "Janu." This move is seen as Shinsegae Group's effort to expand its business portfolio by strengthening its capabilities in global luxury hotel development, building on its existing focus in retail and complex shopping mall development.

On July 21, Shinsegae Group announced that it recently held a joint venture (JV) establishment agreement ceremony between Shinsegae Property and OKO Group at the Chosun Palace Hotel in Seoul. The two companies plan to jointly invest an initial $500 million (approximately KRW 750 billion) in the JV to develop hotels and residences under the Aman and Janu brands.

Jongjin Chung, Chairman of Shinsegae Group (left), and Vladislav Doronin, Chairman of OKO Group, are posing for a commemorative photo after the joint venture (JV) establishment agreement ceremony between Shinsegae Property and OKO Group at the Chosun Palace Hotel in Seoul. Shinsegae Group

OKO Group has been a leading company in the development of Aman and Janu brand hotels and residences, with both OKO Group and Aman Group headed by Vladislav Doronin. Shinsegae Group will leverage its experience in large-scale complex developments such as Starfield, while OKO Group will apply its expertise in ultra-luxury hospitality development to pursue market opportunities. Initially, the two companies will focus on developing hotels and residences under the Aman and Janu brands. They also plan to expand their cooperation to domestic and international commercial complex real estate development in the future.

This collaboration is significant as it expands Shinsegae's hotel business portfolio. Although Shinsegae, through Chosun Hotels & Resorts, operates the Westin Chosun Seoul and Busan, Chosun Palace Seoul Gangnam, Grand Chosun Jeju & Busan, Lescape, and others, the hotel business has not been a major part of the group's overall portfolio compared to its retail operations. The retail business—including Emart, department stores, and Starfield—has been at the core of the group, with the hotel segment seen primarily as supporting its premium brand competitiveness. However, participating directly in development through this JV could mark a turning point, providing momentum for future expansion into overseas hotel and residence development and investment.

Aman, in particular, is a highly symbolic brand in the global luxury hotel market. Established in 1988, Aman is a world-renowned luxury hotel and resort brand that currently operates 36 hotels and residences across 21 cities worldwide. By limiting the number of rooms and focusing on privacy and the highest-quality service, Aman is considered a brand that represents the global ultra-luxury hotel market.

While Aman has not yet entered the Korean market, it is regarded within the industry as one of the most influential luxury hotel brands, especially as demand for ultra-premium travel continues to grow. Janu is a luxury lifestyle brand launched by Aman Group in 2020, and after opening its first hotel in Tokyo last year, it is now pursuing development projects in locations such as Dubai and Saudi Arabia.

Through this collaboration, Shinsegae also expects to secure a global hospitality network while enhancing the competitiveness of its complex development projects. The goal is to leverage its experience in large-scale complex projects like Starfield and expand into initiatives that integrate hotels, residences, and commercial facilities.

Jongjin Chung, Chairman of Shinsegae Group, stated, "This strategic partnership will create an opportunity to extend Shinsegae Property's development capabilities into the global hospitality market. We will combine the strengths of both companies to enhance our competitiveness."

Vladislav Doronin, Chairman of OKO Group, said, "It is an honor to form a partnership with Shinsegae Group. Based on the expertise of both companies, we will create new development opportunities in the global market together."

This content was produced with the assistance of AI translation services.