Shinsegae Group Chairman Chung Yong-jin and OKO Group CEO Vladislav Doronin pose for a photo after the signing ceremony at Josun Palace Seoul Gangnam in Seoul. Shinsegae Group said Tuesday it has partnered with global real estate developer OKO Group to launch hospitality development projects for Aman Group, the operator of the premium hotel and resort brands Aman and Janu.Under the agreement, the two companies plan to establish a joint venture with an initial investment of $500 million to develop Aman and Janu hotels and residences. They also agreed to collaborate on mixed-use commercial real estate projects both in Korea and overseas.The partnership combines Shinsegae’s expertise in large-scale mixed-use projects with OKO’s experience in developing luxury hospitality properties.OKO Group has overseen the development of Aman-branded hotels and residences worldwide.Aman, which opened its first resort in Phuket, Thailand, now operates 36 hotels, resorts and branded residences across 21 destinations, from major cities to remote retreats. In 2020, the company launched Janu, a lifestyle-oriented luxury brand that has expanded into markets including Tokyo, Dubai, Saudi Arabia and Montenegro.OKO Group noted that Shinsegae Property has a strong track record of successfully executing integrated developments that combine hospitality, entertainment, culture and urban infrastructure. It also highlighted Shinsegae Property’s success in redefining the country’s shopping mall landscape through its Starfield developments.Shinsegae Group Chairman Chung Yong-jin said the strategic partnership reflects confidence that Shinsegae Property’s proven development model in Korea can be effectively applied to the global hospitality market.“Through close collaboration and complementary strengths, we aim to set new standards in the global luxury hospitality sector,” Chung said.OKO Group CEO Vladislav Doronin, who owns both OKO Group and Aman Group, said he is honored to partner with Shinsegae Group, which brings deep expertise in real estate development and financial markets.“We share Chairman Chung’s long-term vision of creating distinctive projects that resonate with travelers, residents and local communities worldwide,” Doronin said.