Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it plans to debut the Aloft brand in South Korea in late 2014, signing an agreement with development partner Youngshin HRD. Co., Ltd., a wholly owned subsidiary of OKHOW Co., Ltd. The hotel, Aloft Suwon, will be the first Aloft hotel in South Korea, adding to the brand's global expansion plan and growth momentum in Asia Pacific that has been building up in recent years.
"We are pleased to partner with Youngshin Hrd., Ltd. to bring the Aloft brand to South Korea for the first time," said Stephen Ho, President, Asia Pacific, Starwood Hotels & Resorts Worldwide, Inc. "While Starwood has maintained a long-standing presence in South Korea since the opening of the Westin Chosun Busan, this signing marks an important milestone in our overall growth strategy to expand the Aloft brand. Aloft Suwon will add to ten existing Aloft hotels in exciting cities throughout the Asia Pacific region." A game-changer since its 2008 debut, Aloft Hotels and its vibrant "style at a steal" brand proposition is geared toward the next generation of travelers, pioneering initiatives in music, design, and technology; and providing modern comforts and a fun social guest experience at an affordable price point. The Aloft brand has consistently garnered high guest satisfaction scores since its launch, with select hotels ranking among TripAdvisor's 2012 "Top 25 Trendiest Hotels in the US and around the world." In addition to new developments, the Aloft brand's global growth plans include conversions and adaptive-reuse projects. "Aloft Hotels has emerged as a popular choice for owners and developers as the hotel brand that fills the void in the mid-market hotel category," said Matthew Fry, Senior Vice President, Acquisitions & Development, Asia Pacific, Starwood Hotels & Resorts Worldwide, Inc. "Because of the brand's vibrant design and a social guest experience offered at an attractive price point, Aloft properties have quickly grabbed market share wherever they have opened. The next generation of traveler has taken to the Aloft brand, and a broad range of travelers continue to discover what it has to offer." Aloft Suwon is located in Yeongtong-dong in the heart of historical Suwon, the provincial capital of Gyeonggi-do, South Korea. Suwon is a major industrial center, housing Samsung Electronics' digital city and a large factory complex; it is also home to 14 university campuses. Located about 60 kilometers from Incheon International Airport and 30 kilometers from Seoul, the hotel is well connected by various modes of transportation. It offers easy access to numerous sights, including the impressive UNESCO World Heritage site of Hwaseong Fortress, the Suwon business district, and local government offices.
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