After two decades, Kempinski is rebooting negotiations to make the first western hotel entry into the North Korean market as soon as next summer. It is as of yet unknown whether the hotel will open under the Kempinski brand.
“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,” says Kempinski CEO Reto Wittwer on actualizing the entry decision. Construction began in 1987, but came to a halt in 1992 upon the fall of the Soviet Union. Orascom Telecom Media & Technology Holding, Cairo, however, rebooted the project when they agreed to fund completion for a reported 139 million euros.The Ryugyong will add 150 rooms to the market, although it was originally designed to have 1,500. This may mean future expansion. As of now, the rest of the building will be mixed-use, including shops, restaurants and conference rooms.
Germany
