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Doronin's **$500M** Shinsegae venture proves Aman's residential model scales faster with local retail partners than global hotel operators.
$500 million
joint venture to develop Aman-branded hotels and residences across…
$300 million
in initial equity and existing land parcels in Seoul's…
$200 million
commitment for co-investment and project-level debt structuring
18 properties
since then
Vladislav Doronin's OKO Group and South Korea's Shinsegae — the country's second-largest department-store operator — announced a $500 million joint venture to develop Aman-branded hotels and residences across Asia. The vehicle targets six markets: South Korea, Japan, Thailand, Vietnam, Singapore, and Indonesia. First property is expected to break ground in Seoul by Q2 2027.
Shinsegae brings $300 million in initial equity and existing land parcels in Seoul's Gangnam district and Jeju Island. OKO contributes the Aman brand license, development expertise, and a $200 million commitment for co-investment and project-level debt structuring. The partnership bypasses traditional franchise or management-fee models. Instead, both parties hold equity in each asset. Doronin, who acquired Aman in 2014 for an undisclosed sum, has opened 18 properties since then, including Aman New York in 2022 at a reported development cost of $1.1 billion. The brand now operates 37 properties globally.
This matters because Aman's residential play has become its true margin engine. Aman New York's residences sold for an average of $26 million per unit — 34% above initial projections. Buyers were overwhelmingly single-family offices and family principals from Asia and the Middle East, not primary-residence purchasers. The model proved that Aman's appeal isn't hospitality nostalgia; it's a credible alternative to standalone trophy real estate in gateway cities. Shinsegae's retail infrastructure and land bank give OKO a platform to replicate that formula in markets where foreign developers face regulatory friction and where domestic luxury hospitality remains fragmented.
The Seoul project will likely be the bellwether. Shinsegae's Gangnam site sits in a district where luxury condo prices hit $3,800 per square foot in 2025, a 19% increase year-over-year. Korean buyers already represent Aman's third-largest guest demographic by spend. A Seoul residence would let them buy into the brand without flying to Tokyo or New York. The Jeju Island resort, expected to open in late 2028, positions Aman against Shilla and Lotte's high-end properties but with a residential component those operators have avoided. If successful, the playbook extends to Bangkok and Tokyo, where Aman already has operational hotels but no for-sale inventory.
Operators should watch two follow-on events. First, whether OKO files for a REIT conversion or asset securitization within 18 months. Aman's portfolio is now large enough to justify it, and a REIT structure would let Shinsegae and OKO recycle capital faster. Second, whether Shinsegae opens its department-store customer database to Aman's sales team. Shinsegae's VIP program includes 1.2 million members with annual spend above $50,000. If Aman gets access, it skips the traditional brokerage channel entirely and sells directly to the buyer base that already trusts Shinsegae's taste.
Aman's global pipeline now includes 12 properties under development. Six are in Asia. Five include residential inventory.
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