By Andy Sambidge
Media reports from Seoul say hotel group is planning $507m investment.
Dubai-based hotel group Jumeirah is planning to build the first seven-star hotel and a luxury service residence in Seoul, according to news reports in South Korea.
The Jumeirah Group, which owns the world's only [self appointed] seven-star hotel in the world - the Burj Al Arab in Dubai - is eyeing a $507 million investment in the project in Gwanghawmun, according to a report in the Korea Herald on Friday.
Citing the Maeil Business newspaper, the Herald said the hotel company had established a local agency to be in charge of the construction.
The paper added that the company was working on purchasing land around Gwanghwamun by consulting with Macquarie Finance.
No one was immediately available at Jumeirah to comment on the reports on Friday.
South Korean media quoted a local company representing Jumeirah as saying it had already made a partial payment to a construction company.
There is no such thing as a 7 star hotel.