[Super Rich] Jejudo woos Saudi billionaire in bid to host Four Seasons

Jejudo Island, the nation’s popular vacation spot, was presented on Tuesday as a strong candidate for the location of the second Four Seasons hotel in Korea to visiting Saudi billionaire Prince Alwaleed bin Talal, the owner of the Toronto-based luxury hotel chain.

“In a face-to-face meeting held at Gimpo International Airport, Jeju Province Governor Won Hee-ryong pitched the island’s world-class resort development project targeting Four Seasons and he gained positive feedback from the Arab tycoon,” an industry insider close to the matter said on condition of anonymity.

“The Jeju governor is forecast to seek a memorandum of understanding on the project as a next step, following the meeting with the owner of Four Seasons’ management company.”

The Arab with his fortune of $17.3 billion (as of June 2016) is sought-after by the Jeju Governor, especially since the Saudi prince is a high-profile investor in the global hospitality industry.

Unlike his siblings, Alwaleed, a grandson of King Abdul-Aziz Alsaud, the founder and first ruler of Saudi Arabia, expanded his fortune from direct investments, not from oil money.

His investment portfolio is varied from global tech companies, including Apple and Twitter, to financial institutions such as Citibank.

Another of his favored investment items for wealth creation is luxury hotels. The Kingdom Holding Company created by the 60-year-old Saudi billionaire holds a controlling stake in luxury hotel operators, including Four Seasons Hotels and Resorts, FRHI Hotels & Resorts, and Mövenpick Hotels & Resorts.

Kingdom Holding Company also holds a real estate portfolio comprising 18 hotels worldwide. These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York and the Savoy in London.

Given his interest in the hospitality industry, it is understandable why Mirae Asset founder and chairman Park Hyeon-joo met with the legendary Saudi investor.

The self-made Korean billionaire, who is looking to luxury hotels for investment returns, had a discussion-driven, lengthy meeting with the Saudi Prince, according to financial giant Mirae Asset. The meeting was held in downtown Seoul at the first Four Seasons hotel here for which Mirae Asset Global Investments had secured a business license.

“During his 10-hour stay in Seoul on Tuesday, Alwaleed also made time to see Prime Minister Hwang Kyo-ahn and state-run Korea Investment Corp. CEO Eun Sung-soo,” said a spokesperson of Suncore, the organizer of the first visit of the Saudi Prince to Seoul in 17 years.

Behind his visit is the 20-year-long friendship with Choi Kyu-sun, chairman of Suncore, a listed-firm on the tech-heavy secondary stock market.

“The chairman flew to Beijing yesterday with the Prince to help him discuss his latest and biggest development project, dubbed ‘Jeddah Project,’ with Chinese investors,” the Suncore spokesperson said.

The company expects to secure a stake in the multi-billion dollar development project to build the world’s tallest tower and the urban city in Jeddah, the second biggest city in Saudi Arabia, in return for linking the Saudi Prince to reliable Chinese partners.

By Seo Jee-yeon (jyseo@heraldcorp.com)