South Korean Chain in Filipino Expansion
SEOUL, South Korea, March 28, 2006. Imperial Palace Hotel said it will sign a deal to build a hotel in the Philippines, becoming the first South Korean hotel chain to branch out overseas.
The agreement, to be signed with Manila's BXT Corp. on Tuesday, calls for the construction of a 668-room hotel on Mactan Island in the central part of the Philippines by October next year.
Under the deal, the South Korean hotel will run the 15-story hotel and provide managerial expertise for the Philippine company, which will finance and build the hotel.
The South Korean company refused to disclose the financial details of the deal.
"It is very significant for a homegrown hotel to build an overseas hotel chain," said Shin Cheol-ho, chairman of Imperial Palace Hotel. "We will try to develop a long-term management strategy to internationalize."
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