4th November 2012

Photo with 28 notes

Luxury hotel operator Kempinski AG is keeping mighty busy on both sides of the DMZ. Just days after announcing its plans to join efforts to build a sprawling gambling and entertainment complex in Incheon, Kempinski disclosed that it plans to take over the operation of Pyongyang’s never-quite-completed Ryugyong Hotel. After vague rumors surfaced earlier this year that the hotel might finally open, Kempinski President/CEO Reto Wittwer tells the JoongAng Ilbo that his company plans to open 150 rooms of the hotel to visitors in July or August of 2013. According to Bloomberg, Wittwer also discussed the project at a business forum in Seoul last week where he sounded almost comically bullish on the hotel’s prospects: “This pyramid monster hotel will monopolize all the business in the city. I said to myself, we have to get this hotel if there is ever a chance, because this will become a money-printing machine if North Korea opens up.” The Chosun Ilbo focuses on Wittwer’s surprising revelation during the forum that a South Korean intelligence officer had asked him in 2005 whether he’d be willing to invest $500 million in South Korean government funds in the Ryugyong and pass it off as his own investment.

Luxury hotel operator Kempinski AG is keeping mighty busy on both sides of the DMZ. Just days after announcing its plans to join efforts to build a sprawling gambling and entertainment complex in Incheon, Kempinski disclosed that it plans to take over the operation of Pyongyang’s never-quite-completed Ryugyong Hotel. After vague rumors surfaced earlier this year that the hotel might finally open, Kempinski President/CEO Reto Wittwer tells the JoongAng Ilbo that his company plans to open 150 rooms of the hotel to visitors in July or August of 2013. According to Bloomberg, Wittwer also discussed the project at a business forum in Seoul last week where he sounded almost comically bullish on the hotel’s prospects: “This pyramid monster hotel will monopolize all the business in the city. I said to myself, we have to get this hotel if there is ever a chance, because this will become a money-printing machine if North Korea opens up.” The Chosun Ilbo focuses on Wittwer’s surprising revelation during the forum that a South Korean intelligence officer had asked him in 2005 whether he’d be willing to invest $500 million in South Korean government funds in the Ryugyong and pass it off as his own investment.

Tagged: ryugyong hotelpyongyangnorth koreasouth koreakempinskireto wittwer

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    North Korea.
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    I have to admit this building looks so cool ……….. sobs
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