Kessler Collection, a U.S.-based hospitality management brand, will invest in real estate in Incheon's development project to build a multicomplex spanning commercial, cultural and business facilities, city officials said Thursday.
Kessler on Thursday sent a letter of intent on the creation of boutique hotels and a multipurpose space for film in Cheongna International City's sixth block, a site included in the city's Visual Complex Cluster, or K-Con Land, according to the Incheon Free Economic Zone Corporation.
The real estate developer said it plans to create facilities that capture Incheon's history and culture in a unique, modern and artistic way.
K-Con Land is a state-led development project that aims to create a cluster of agencies related to the content industry — including businesses, research institutes, schools and cultural institutes — primarily in Yeongjongdo, Songdo and Cheongna. The government plans to develop the area by 2035, with the aim of attracting 50 million visitors and generating 10 trillion won ($6.8 billion) from tourism annually.
Incheon Mayor Yoo Jeong-bok said Kessler Collection's investment in Incheon marked a "pivotal step" toward establishing the city as a premier global destination for luxury tourism.
"We are committed to closely collaborating with Kessler Collection to ensure that its distinctive concepts and services not only enhance Incheon’s appeal, but also create meaningful synergy with the development of K-Con Land,” Yoo said.
Richard Kessler, Chairman and CEO of Kessler Collection, said the company aims to "breathe new life" into Incheon with a distinctive vision.
"We are committed to becoming a model partner that grows alongside the local community," Kessler said.
Kessler Collection has developed and operates multiple properties around the globe including hotels, resorts and restaurants.