Millennium Hilton Closing, 80% of Full-Time Employees Leaving the Hotel

The Millennium Hilton Seoul Hotel, which has been located at the foot of Namsan in Seoul for nearly 40 years, is disappearing into history. After being acquired by a domestic real estate fund management company for about 1 trillion won, it will be demolished and an office building will be constructed on this site. The Millennium Hilton Seoul Hotel as of the 25th. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Jeon Jinyoung] It is reported that 80% of the full-time employees at Millennium Hilton, which is scheduled to cease operations at the end of this year, have chosen the compensation plan and decided to retire.

According to industry sources on the 20th, Aegis Asset Management, which acquired Hilton Hotel, recently presented two options to Hilton regarding the succession of employee employment: a coexistence plan and a compensation plan. The coexistence plan offers 78% of the salary to employees who wish to be reinstated five years after completion and allows them to engage in economic activities other than full-time employment. The compensation plan proposed a consolation payment equivalent to 40 months' salary in addition to severance pay.

The target group consists of about 380 full-time employees of Hilton Hotel, of whom 80% are reported to have chosen the compensation plan.

Aegis Asset Management plans to demolish the Hilton Hotel located in Namsan, Jung-gu, Seoul, and build a complex facility consisting of offices and hotels by 2027. Hilton Hotel will cease operations on December 31, the last day of this year.

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