New Marriott Executive Apartments to open in Seoul, Korea

Marriott International is to introduce its luxury Marriott Executive Apartments (MEA) lodging brand in Seoul, Korea in 2006, under a management agreement reached with Lee and Lee Asset Corporation. It will be Marriott International’s fourth lodging brand in Seoul and the seventh property in the country.

The Yeouido Park Tower, Seoul Marriott Executive Apartments is currently under construction and is part of a mixed-use development known as Park Suites that will also include 292 individually-owned residential apartments, retail space and a 4,580-square meter health club. Hirsch/Bedner & Associates is the interior design firm for the MEA.

Yeouido is an island in the Han River and is one of three main commercial centers in Seoul. It is home to the National Assembly; Korean Stock Exchange; multinational firms such as LG, Samsung, Accenture, Deloitte and Touche, Intel, Lockheed Martin, Hewlett Packard; and the three main local broadcasting stations in the city.

The Seoul Marriott Executive Apartments will be located at the southern end of Yeouido next to Yeouido Park, a large recreational facility containing a jogging path, ball courts and a roller rink.

“We are excited by the continued expansion of our Marriott Executive Apartments brand,” said Ed Fuller, president and managing director of international lodging for Marriott International, “and to be able to introduce the brand to Seoul. As the global economy expands, there is an increasing market for high-end, luxury apartments for business travelers who have a need to be in a market for an extended period of time. We are confident that the Seoul Marriott Executive Apartments will be very well received and are delighted to be working with Lee and Lee Asset Corporation on this important development.”

The Seoul Marriott Executive Apartments will offer a mix of apartment configurations including one-, two-, and 3-bedroom units. Other features will include a restaurant; a resident lounge to unwind after a busy day and a service desk; a business center; a sundry/gift shop; an on-property resident storage room; and parking for 111 automobiles. Complementing the entire project will be the adjacent 4,580-square meter health club and spa.

The Marriott Executive Apartments brand is designed to meet the housing needs of business executives on an overseas assignment of 30 days or more and for leisure travelers who require more space than is offered by a traditional hotel.

Currently, nine Marriott Executive Apartments facilities are in operation around the world. They are located in Hong Kong, Mumbai, Prague, Budapest, Brussels, Dubai, Tokyo, Bangkok and Shanghai. Future Marriott Executive Apartments openings include Sao Paulo (2004), Beijing (2006), Bahrain (2006) and Doha (2007).