Aman to open its first hotel in Seoul in 2029 with Shinsegae

The South Korean capital is now establishing itself as the new eldorado of the global ultra-luxury hotel industry. Driven by an unprecedented wave of high-end tourism and the global influence of K-culture, the megacity is preparing to welcome one of the most prestigious names in the industry: Swiss operator Aman. By partnering with local retail giant Shinsegae, the brand announces its spectacular arrival in Seoul with a major project that redefines the standards of urban exclusivity.

The Aman Seoul project at the peak of Gangnam

The future Aman Seoul will rise majestically over 38 storeys in the heart of Cheongdam-dong, located in the Gangnam district. This major project will combine an ultra-luxury hotel, 49 branded private residences and, for the first time in South Korea, an exclusive Aman Club. The building’s architecture, designed to integrate harmoniously with the Seoul skyline, promises to become a major architectural landmark in the city.

The introduction of this residential concept marks a crucial step for Aman, which continues to roll out its urban strategy following the resounding success of its properties in New York and Tokyo. Future residents and club members will benefit from privileged access to world-class wellness facilities, private dining spaces and the ultra-personalised concierge service for which the brand is renowned across the globe.

A strategic 500 million dollar alliance

To realise this ambition, Shinsegae Group has partnered with Miami-based real estate developer OKO Group, led by Vladislav Doronin, who is also the owner and chairman of Aman. The two entities have formalised the creation of a joint venture with 500 million dollars in assets to steer the development of ultra-luxury hotels in the region. This partnership seals a powerful union between Shinsegae’s commercial expertise and OKO Group’s global vision of real estate development.

This strategic collaboration comes as Shinsegae actively seeks to strengthen its prestige hotel division, already marked by the successful launch of the Josun Palace hotel in Gangnam in May 2021. By joining forces, the two giants intend not only to establish the Aman brand, but also to explore new opportunities for developing luxury resorts across the country, capitalising on booming domestic and international demand.

A booming Seoul hotel market

The Seoul hotel market is undergoing an unprecedented phase of transformation, characterised by a spectacular rise in room rates and record valuations of real estate assets. According to recent industry data, the volume of hotel transactions involving foreign investors jumped by 71% in the first half of 2026 compared to the previous year. This influx of external capital demonstrates the exceptional attractiveness of the Korean capital, despite a global context of rising borrowing costs.

Faced with a chronic shortage of new high-end accommodation capacity, many investors and operators are turning to the conversion of office buildings and lower-category hotels into luxury establishments. Asset management giants, such as Blackstone, have redirected their investment priorities in South Korea towards hotel and logistics real estate, anticipating sustainable growth in tourist flows and leisure spending by wealthy clientele.

The rise of ultra-exclusive bespoke tourism

Aman’s arrival is part of a fundamental trend where wealthy travellers seek bespoke travel experiences, going beyond the classic framework of the traditional five-star hotel. The ultra-high-end travel platform Via Shinsegae, launched by the eponymous group, has recorded massive interest in its highly personalised and private stays. This demanding clientele now prioritises absolute exclusivity, disconnection and unique itineraries designed to meet their every desire.

At the same time, bold initiatives are emerging to capture this wealthy clientele, such as the partnership between the Hanatour agency and Four Seasons Hotels to offer stays integrating the hotel brand’s private jet experience. These exceptional offers, combining private flights and stays in iconic properties, illustrate the new maturity of a Korean market that no longer hesitates to align itself with the highest standards of international luxury concierge services.

The battle of the global hospitality giants

South Korea has become the new battleground for the world’s largest hotel groups, which are competing boldly to capture international traveller flows. Brands like Hilton, Marriott and Hyatt are multiplying openings of coastal resorts and spectacular urban addresses. The recent inauguration of major complexes, such as the Inspire Entertainment Resort on Yeongjong Island, reflects the operators’ desire to offer integrated entertainment destinations capable of attracting a multi-generational Asian and global clientele.

This fierce competition is pushing historical players to move upmarket and reinvent their offering to maintain their prestige. Seoul’s stated ambition to host an establishment described as ‘seven-star’ by 2029, embodied by the future Aman project, marks a clear break with the classic business hotels that previously dominated the city. From now on, the focus is on lifestyle, signature architecture and ultra-personalisation of service.

Our view

Aman’s establishment in Seoul marks a historic turning point for the East Asian hotel scene. By choosing the South Korean capital for its major new urban project, the Swiss group validates Seoul’s status as an essential cultural and economic metropolis of global luxury. This strategic decision demonstrates that the city is no longer just a business or transit stop, but a final destination for the world’s most demanding travellers, seeking the clean aesthetic and serenity characteristic of Aman.

The 500 million dollar financial partnership between Shinsegae and OKO Group also highlights the strength of the local market’s economic outlook. By integrating branded residences and a private club, Aman brilliantly transposes its ‘sanctuary’ model into a dense urban environment, offering a perfect response to the expectations of a local and international elite seeking absolute privacy in the heart of the bustling city of Seoul.