Aman has closed $500 million in growth capital from South Korean retail conglomerate Shinsegae and New York developer OKO, coinciding with the January 2025 opening of Aman Seoul—the brand's first property in South Korea. The deal marks Shinsegae's largest hospitality investment to date and positions Aman to accelerate development across Asian gateway markets where branded-residence allocations now routinely exceed 50 percent of project capital stacks.
Aman Seoul occupies the top eight floors of a mixed-use tower in Jongno-gu, central Seoul, with 52 rooms and 22 branded residences. Shinsegae operates the tower's lower retail levels, linking Aman's guest flow directly to the group's existing luxury department store ecosystem. The residence component sold out during preview, with units averaging $4.8 million per key and buyers receiving Aman Club membership—a recently launched loyalty structure that grants priority booking and residence-exchange privileges across the portfolio. OKO's participation follows its 2022 co-development of Aman New York, where residences traded at an average $8,200 per square foot, among Manhattan's highest recorded closes that year.
The financing enables Aman to bypass traditional joint-venture structures in markets where capital partners want operational control. South Korea's ultra-high-net-worth population grew 7.2 percent in 2024, per Capgemini, outpacing regional peers, while Seoul's luxury-hotel RevPAR climbed 11 percent year-over-year through Q4 2024. Aman's model—thin on rooms, heavy on residence inventory—suits allocators seeking stable, long-duration returns in gateway cities where hotel cycles compress margins. Shinsegae's department-store data also gives Aman direct sightlines into spending patterns of South Korea's top 0.1 percent, a customer file worth more than any third-party CRM.
The Seoul opening follows Aman New York (2022), Aman Nai Lert Bangkok (2024), and Aman Niseko (2023), each structured with 40–60 percent of gross development value allocated to residences. The brand now operates 37 properties globally, with 12 additional projects in active development, including Aman Alya Miami Beach (slated 2026) and a second Tokyo site (expected 2027). Branded-residence penetration across Aman's pipeline averages 55 percent, compared to 38 percent industry-wide for ultra-luxury brands, per a 2024 Savills study.
Operators and allocators should track Aman's next announcements in Osaka and Taipei, both expected within 18 months, and monitor whether Shinsegae extends credit lines to additional hospitality platforms. The South Korean retail group holds $4.2 billion in liquid assets, per its last disclosure, and has signaled interest in anchoring mixed-use developments across secondary Asian cities with household incomes above $250,000. OKO's continued participation in Aman deals also suggests New York developers see better risk-adjusted returns in ultra-luxury hospitality than in speculative condominium inventory, a shift that began in 2023 as Manhattan's new-development sales velocity fell 19 percent.
Aman Seoul's opening week averaged $3,400 per night for suites, with January occupancy at 84 percent—well above Seoul's luxury-segment average of 68 percent for the same period. The property's spa, anchored by a 30-meter indoor pool, already carries a six-week waitlist for members. Shinsegae expects the Aman-anchored tower to generate $180 million in annual retail and F&B revenue, separate from room and residence income, creating a margin profile other hospitality groups lack.
The takeaway
Shinsegae's **$500M** Aman investment links South Korea's retail data to ultra-luxury lodging, accelerating the shift toward residence-heavy capital stacks.
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