Hyatt has entered into a management agreement for a new hotel in the South Korean city of Busan.

The deal, signed with the Hyundai Development Company, will see the Park Hyatt Busan open in 2013 as part of a new mixed use development project comprising three residential towers, one office tower and retail space, located on a four-hectare site adjacent to Haeundae Beach.

“The Park Hyatt Busan project demonstrates the diversity and versatility of our efforts to enhance guest loyalty by expanding the presence of all Hyatt-branded hotels around the world in destinations like Busan where our guests are traveling,” said Ratnesh Verma, Hyatt’s Senior Vice President of Real Estate & Development. “The quality of the Park Hyatt brand and the location of this project are expected to provide great appeal to business and leisure travellers alike.”

Park Hyatt Busan will feature 268 rooms, including 69 suites, ranging from 50 to 200m². Facilities will include two restaurants, a lobby lounge, fitness centre, indoor swimming pool and a spa with seven treatment rooms, as well as 715m² of meeting and event space.

The hotel will be Hyatt’s fifth in Korea, following the Park Hyatt Seoul, Grand Hyatt Seoul, Hyatt Regency Incheon and Hyatt Regency Jeju.