
Hospitality Experience
Market Study for Songdo International Business District
Horwath HTL was engaged by the master developers (Gale International and POSCO Engineering and Construction) of the 1,500-acre Songdo City project to conduct a market study and analyses for planning the optimal hotel components to be included in the project master plan, along with operating and financial projections for the individual hotel components. The 321-room Sheraton Incheon has since opened.
Project Scope
Horwath HTL was engaged by Gale International and POSCO Engineering and Construction, the master developers of the 1,500-acre New Songdo City project, to provide expert consultancy on the planning and development of hotel components within this ambitious urban development. The project required an in-depth market study and strategic analyses to ensure that the proposed hotels would align with the city’s vision as a global business hub and vibrant urban destination.
The engagement began with a comprehensive market study to evaluate demand drivers in the region, including the anticipated growth of corporate, MICE (Meetings, Incentives, Conferences, and Exhibitions), and leisure travel. The analysis incorporated benchmarking against comparable developments in international markets to identify trends and best practices relevant to New Songdo City. This included insights into traveller preferences, competitive positioning, and service expectations.
Based on the findings, Horwath HTL provided detailed recommendations for the optimal number, scale, and positioning of hotel components within the master plan. Factors such as room count, facilities mix, and service levels were tailored to meet projected demand while enhancing the overall appeal of the development. Each hotel was designed to complement the city’s infrastructure, ensuring a seamless integration with the business district, residential areas, and recreational amenities.
The consultancy also delivered detailed operating and financial projections for the individual hotel components. These projections offered a realistic assessment of potential revenues, operational costs, and profitability, providing a solid foundation for investment and development decisions.
The first hotel to open, the 321-room Sheraton Incheon, has since established itself as a key hospitality asset within New Songdo City, reflecting the strategic value of Horwath HTL’s expertise in aligning hotel development with the broader objectives of complex, large-scale urban projects.
Project Location
Songdo, South Korea