South Korea: Retail conglomerate Shinsegae Group has partnered with OKO Group, the real estate development company led by Vlad Doronin, to develop Aman hotels and residences globally.
With an initial shared investment of $500 million, the joint venture will lead and develop luxury hotels and branded residences for Aman Group – including brands Aman and Janu – in South Korea and internationally.
The JV will also pursue mixed-use commercial real estate developments.
Vlad Doronin, founder and CEO of OKO Group, said: “OKO Group is delighted to partner with Shinsegae Group, led by chairman YJ Chung, whose expertise in development and financial markets I greatly admire. Under YJ Chung’s leadership, Shinsegae Group has demonstrated a remarkable ability to develop vibrant destinations that combine hospitality, culture, retail and lifestyle experiences. We share his long-term vision for creating distinctive projects that resonate with global travellers, residents and local communities. Together, we look forward to exploring opportunities that draw upon our respective expertise and deliver exceptional developments in key international markets.”
Yong Jin Chung (YJ Chung), chairman of Shinsegae Group, added: “We are pleased to enter this strategic partnership with Vlad Doronin. By bringing together complementary expertise in development, hospitality and placemaking, we believe we can create exceptional destinations that set new benchmarks in luxury hospitality and residential living around the world. This partnership reflects Shinsegae Group’s continued ambition to expand its global presence and pursue long-term value creation through world-class projects.”
Aman Group operates 36 hotels and resorts in 21 countries worldwide. Aman’s pipeline includes properties under construction in Dubai, Beverly Hills, Saudi Arabia, Singapore, the Maldives, Bahamas, Bodrum, and more.
Janu’s pipeline includes hotels and branded residences in Dubai, Turks and Caicos Islands, Saudi Arabia, Montenegro and more.
Highlights:
- OKO Group and Shinsegae Group have formed a $500 million joint venture to develop Aman and Janu hotels and branded residences in South Korea and international markets.
- Led by Vlad Doronin’s OKO Group, the partnership will pursue luxury hospitality, branded residential and mixed-use commercial real estate developments.
- The joint venture combines Shinsegae’s retail and placemaking expertise with OKO Group’s real estate development capabilities to expand Aman Group projects.
- Aman’s global development pipeline includes luxury hotels and residences under construction in Dubai, Beverly Hills, Saudi Arabia, Singapore, the Maldives and Bahamas.
- Janu, Aman Group’s sister brand, is also expanding with planned hotels and branded residences in Dubai, Turks and Caicos, Saudi Arabia and Montenegro.
