Mirae Asset's hotel promoted by AlphaGo

By Yoon Ja-young

The Google-developed artificial intelligence AlphaGo was victorious in the recent go match against grandmaster Lee Se-dol, but there is another hidden winner. Mirae Asset Financial Group Chairman Park Hyun-joo may be smiling behind the scenes as the hotel the group owns enjoyed a huge promotion thanks to the much-hyped event.

The five matches between the world’s top go player and the computer program took place at the Four Seasons Hotel Seoul, which opened last October. The five-star hotel in Gwanghwamun, downtown Seoul, however, hadn’t been promoted much, with many Seoulites not even knowing that a luxurious new hotel opened here. Now, all the taxi drivers in Seoul seem to know where the “Lee Se-dol Hotel” is, the hotel’s manager told local media. Marketing experts estimate that the promotional effect could be as much as tens of billions of won as the match got global attention, being broadcast live.

Mirae Asset Group has a 100 percent stake in the hotel in Seoul, Mirae Asset Global Investments holding a 60 percent stake, and Mirae Asset Life Insurance a 40 percent stake.

“Mirae Asset has been the most active among local asset management companies in terms of alternative investments. Real estate is especially a good investment option, as it provides stable income in the era of low interest rates,” a spokesperson for Mirae Asset Global Investments said.

The group has been actively investing in hotels, not only in Korea but also overseas. On top of the Four Seasons Hotel Seoul, Mirae Asset acquired the Four Seasons Hotel in Sydney. When starting in the hotel business, Mirae Asset chose the global hotel brand Four Seasons as its partner. Microsoft founder Bill Gates and Prince Al-Waleed bin Talal of Saudi Arabia are the biggest shareholders of Four Seasons, which operates 96 hotels in 41 countries. Aside from those linked with Four Seasons, Mirae Asset has a resort hotel in Hawaii and a hotel in San Francisco.

The spokesperson said that the group has been turning eyes to alternative investments instead of solely focusing on equities and bonds, as a means of asset diversification.

Mirae Asset has a positive outlook for the hotel industry. “China sends a lot of tourists overseas each year, but only 4 percent of its population have passports. We determined that there is still huge opportunity in the industry,” the spokesperson said.

For the matches between Lee and AlphaGo held five times between March 9 and 15, Google used the Grand Ballroom on the sixth floor of the 25-story hotel. The hotel has 317 rooms, including 43 suites, on top of a fitness center and restaurants.