Last September 9, Lotte Construction concluded a contract with ‘MAK (Mongolyn ALT Corporation)’ of Mongolia on the construction of Hyatt Regency Hotel Project (1st phase) to be built at the center of Ulaanbaatar, Mongolia in the amount of USD 110,000,000.
‘Hyatt Regency Hotel’ Mongol is in the scale of 1 story under ground and 41 floors above ground on the gross floor area of 65,468㎡ (site area: 17,304㎡) and height of 200m with 230 guest rooms together with service apartment and office. Project construction will be completed in September 2014 after its commencement in September 2011.
MAK that placed this order possesses three coal mines and currently operates coal mines and copper mines in Mongolia. They have concluded an agreement on brand use with ‘Hyatt’ that is the world-renowned hotel brand in order to launch in the hotel business. MAK will complete the project until 2015 and start operating the hotel from the 2nd half of 2015.
Preferred Lotte Construction owing to its expertise in construction of deluxe hotel
MAK has been searching for a trustworthy contractor to facilitate its successful launch in the hotel business. They are reported to have been contacting Lotte Construction that had successfully built the Lotte Hotel in Moscow, Russia as well as in Korea since last May and finally reached this agreement.
Under this agreement, Lotte Construction will carry out phase-1 project that includes civil engineering, framework erection, and curtain wall installation, leading to its advantageous position in the phase-2 order that includes electrical, finishing, and interior works
MAK is planning to build a resort, training center, and head office in the future, and therefore Lotte Construction is expected to have additional orders from them.
An executive in charge of Lotte Construction said, “Hyatt Hotel that would be situated in Ulaanbaatar, the capital city of Mongolia, will become a landmark building in Mongolia.” “We could then prepare a momentum for enhancing our competitiveness in the construction market of Mongolia by completing this project successfully,” he added.