BUSAN, South Korea — As Busan is increasing its name as a popular tourist destination, hotels have taken notice and have begun either renovating or building as the demand for luxury accommodations rises. Currently, there are only six five-star hotels in the city, but with the planned Grand Hyatt to open in Marine City in February, the Hilton planning to open in 2015 in Gijang and the Hotel Shilla in 2016, Busan is establishing itself as a major competitor on the hotel build wish list.
Lotte has taken notice with a recent 60-billion won makeover to its facilities, spurned by the expected competition for luxury rooms around the city. ‘As Busan has become a popular resort destination, more tourists are flocking to the city for vacations by the sea or the annual Busan International Film Festival. However, the city only has six five-star hotels, which makes it very attractive for investors in the luxury hotel businesses,’ said a spokesperson for Lotte.