Daegu City announces construction of new landmark luxury hotel, Hotel Shilla (South Korea)

The city of Daegu in South Korea has unveiled plans to build a 29-storey luxury hotel in partnership with local businesses and the Shilla Hotel, in an effort to provide a new source of vitality for the local economy. The project is being carried out by the city hall.
The agreement was officially announced on the 23rd at a ceremony attended by Mayor Hong Jun-pyo, KEIKEI Chairman Park Yoon-gyun, and Hotel Shilla Vice President Lee Jeong-ho.
The investment and construction of the hotel will be led by KEIKEI, the first tax-paying company in the Daegu area, which was founded 97 years ago. The Shilla Hotel will be entrusted with providing a premium brand and the highest level of service.
The hotel will be built on the KEIKEI headquarters grounds adjacent to the National Bond Repayment Movement Memorial Park. The total area is 2,016 square meters (610 tsubo), and is currently occupied by a gas station and cafe.
The new hotel will have 29 floors above ground and 5 below, with approximately 250 rooms. The hotel brand is planned to be "Silla Stay" under the name of Hotel Shilla.
The construction cost of 180 billion won will be borne by KEIKEI, and Hotel Shilla will operate the hotel under a separate contract. KEIKEI will begin design work in the second half of this year, and will complete construction by 2020 after applying for approval and permits by the end of the year.
Construction is scheduled to begin in the second half of 2025. The aim is to complete construction in September 2028 and begin operations in March 2029. The hotel is planned to be built on Dongseong-ro, which is the center of downtown Daegu, and in the area of the recent MZ generation (millennial generation).
It is located between Gyo-dong, which is emerging as a hot spot for the younger generation (Generations 20 and 21), and there is sufficient demand for hotel stays in the city center.
The city of Daegu is building a downtown leisure hotel with a differentiated premium brand that is unique to the Daegu region. The hotel is a large-scale facility located in the city center, so the city is considering the transportation and
Complex administrative procedures such as impact assessments, building approvals and permits, and tourism and accommodation permits are expected. Therefore, a one-stop investment support group will be established as soon as possible to handle the procedures for various approvals and permits and the related agencies.
Chairman Park of KEIKEI said, "As a local company, we want to build a hotel that will be the pride of Daegu and repay the love we have received from the citizens."
Hotel Shilla Vice President Lee said, "We would like to concentrate Hotel Shilla's know-how and provide differentiated services here in Daegu."
Mayor Hong said, "The construction of a five-star premium hotel will be an opportunity to revive Dongseong-ro," and added, "In the future,
"Once the port is built, demand for hotels will increase. For that reason, I would like to ask for consideration of building a six-star hotel on the land following K-2," he said.