Incheon signs MOU with U.S. Kessler Collection for I-CON City project in Cheongna

Richard C. Kessler, chairman and founder of The Kessler Collection (left), Incheon Mayor Yoo Jeong-bok (center), and Kang Oh-soon, head of LH’s Regional Balanced Headquarters, pose for a photo at the Incheon City Hall on Jan. 21, 2026. AJP Yoo Na-hyun

SEOUL, January 21 (AJP) - Incheon City on Wednesday signed a memorandum of understanding with U.S. hospitality company The Kessler Collection and Korea Land and Housing Corporation (LH) to jointly pursue a $1.4 billion culture and tourism complex in Cheongna International City.

The agreement was signed at Incheon City Hall by Incheon Mayor Yoo Jeong-bok, Richard C. Kessler, chairman and founder of The Kessler Collection, and Kang Oh-soon, head of LH’s Regional Balanced Development Headquarters.

The project, dubbed the Cheongna Culture and Tourism Complex, or I-CON City, is planned on a 260,000-square-meter site in Cheongna-dong, Seo-gu, Incheon. The development will integrate cultural, tourism, business and residential functions, according to the city.

Planned facilities include hotels, resorts and condominiums, as well as museums, a content tower, VFX studios, a K-pop arena, officetels, senior housing and public parks.

The project will involve strategic investors including The Kessler Collection, Daol Asset Management, Cheongna Icon City, which is to be established, and Galaxy Corporation. SK Securities will participate as a financial investor, while Posco E&C will take part as the construction company.

The total project cost is estimated at 1.9867 trillion won ($1,353 million), with an initial investment of 633.1 billion won planned for 2027 and 2028, according to the city. The Kessler Collection and Daol Asset Management will each invest 30 billion won, holding 30 percent stakes apiece. Kessler Korea and SK Securities will each contribute 12.5 percent stakes, while Posco E&C will invest for a 10 percent stake and Galaxy Corporation for a 5 percent stake.

With support from the Incheon Free Economic Zone (IFEZ), the IFEZ Authority will provide administrative support, including assistance with approvals and foreign investment-related procedures, in accordance with relevant laws and regulations.

Founded in 1984, The Kessler Collection is a U.S. hospitality firm headquartered in Orlando, Florida, specializing in the development and operation of hotels, resorts and restaurants. The company operates a portfolio of boutique hotels and resorts across major U.S. cities.

“I-Con City not just stands for Incheon Contents, but also reflects our vision to create an iconic landmark in the Korean gateway,’” Kessler said. “It is going to be quite an interesting experiment of intermingling of technology, culture, and creativity... one that I think will uncover opportunities that developers may not have identified in the past.”

Mayor Yoo echoed the sentiment, saying, “The Kessler Collection’s investment in Cheongna International City will serve as an important catalyst for building Incheon’s cultural and arts ecosystem,” adding that the city will continue to closely coordinate with relevant agencies and companies to advance the project steadily.
Kim Hee-su Reporter khs@ajupress.com

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