Shinsegae partners with OKO Group to develop Aman luxury hotels

Shinsegae Group announced Tuesday that it will partner with global real estate developer OKO Group to pursue hospitality development projects under Aman Group, the world-renowned premium hotel and resort company.

OKO Group oversees hotel and residence development under the Aman brand. Both OKO Group and Aman Group are owned by Chairman Vladislav Doronin. Aman Group operates two global premium hotel and resort brands — Aman and Janu.

Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Doronin recently signed a joint venture agreement between Shinsegae Property and OKO Group at Josun Palace hotel in Seoul. The partnership aims to combine Shinsegae's expertise in executing large-scale mixed-use projects with OKO's luxury hotel development know-how to reshape the global hotel and residence market and the broader real estate development landscape. The two companies plan to raise $500 million in initial investment capital for the joint venture.

The joint venture will first pursue hotel and residence development under Aman Group's luxury brands, Aman and Janu. The partners also agreed to collaborate on mixed-use commercial real estate development both in South Korea and abroad.

"This strategic partnership reflects our conviction that the development model Shinsegae Property has proven in Korea can be applied effectively in the global hospitality market," Chung said. "Through close collaboration, we will set a new standard in the world's luxury hospitality market."

OKO Group took note of Shinsegae Property — the operator of the Starfield retail complex chain — for its track record in successfully delivering mixed-use development projects that organically integrate hospitality, entertainment, culture and urban infrastructure.

Doronin said he shares Chairman Chung's long-term vision of creating distinctive projects that resonate with travelers, residents and local communities around the world. "We will leverage the expertise of both companies to explore outstanding development opportunities together on the global stage," he added.

Aman was founded in 1988 with a vision to create warm, intimate retreats that feel like elegant private homes. That philosophy was first realized at Amanpuri in Phuket, Thailand. The brand has since grown to encompass 36 hotels, resorts and residences across 21 cities and remote destinations worldwide. In 2020, the company launched Janu, a new ultra-luxury hotel brand whose name means "soul" in Sanskrit. Following the successful opening of a Janu hotel in Tokyo in 2024, the brand is now developing additional hotels and residences in Dubai, Saudi Arabia, Montenegro and other locations.