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The Millennium Hilton Seoul hotel will permanently close Saturday after 40 years since it opened.
In a notice on its official website, the hotel chain said it will close down all operations by the last day of 2022 and will no longer be included in the Hilton portfolio from Jan. 1, 2023.
The Millennium Hilton Seoul is a five-star hotel in the heart of Seoul that was constructed in 1983. Kimm Jong-soung, one of South Korea's top contemporary architects, designed the structure.
DW Development Co. had previously held the hotel building, but during the 1997 Asian financial crisis, DW Development Co. sold it to City Developments Limited, a Singapore-based real estate company.
The hotel's current owner, IGIS Asset Management Co., announced plans to demolish the structure and build a new residential complex with hotels and offices.
