Will North Korea’s “Hotel of Doom” soon open its doors? German hotel group Kempinski Hotels & ResortsKempinskiNorth Korea
Being on the cutting edge necessarily involves taking some risks, but the daredevil nature of German hotel group Kempinski Hotels & Resorts has set the bar that much higher with their attempt to bring new life to North Korea’s “Hotel of Doom.”
The behemoth’s grand opening has been almost three decades in the making and it’s construction cost the isolated nation a whopping two percent of its GDP, but Kempinkski believes its investment could pay off big in the end:
When asked about the motivation behind the bold business move, a representative from Kempinski told CNN that the company “believes in early market entry into countries which are poised to open up to international business” and that the company’s success in China and Russia proved its early-bird strategy.
This echoes what Kempinski’s chief executive officer Reto Wittwer said at a business forum in Seoul last week.
“This pyramid monster hotel will monopolize all the business in the city,” said Wittwer, according to the same article on Hotelsmag.
“I said to myself, we have to get this hotel if there is ever a chance, because this will become a money-printing machine if North Korea opens up.”
No guts, no glory, and if capitalism can’t open the country up, we don’t know what can.
Full story at CNNGo.
A bright spot in North Korea?
Photo credit: Wikimedia CommonsPosted by Kate Rinsema