South Korean low-cost carrier Jeju Air announced Tuesday that Holiday Inn Express Seoul Hongdae will start operations Saturday in Hongdae, a neighborhood rife with street performances and works of art in the capital.

This comes after about two years of construction on 53,900 square meters of land near Hongik University in western Seoul that kicked off in September 2016, largely backed by Jeju Air’s investment.

Jeju Air has pledged to invest in some 60 billion won ($54 million) until 2048 to build the hotel by teaming up with Holiday Inn Express. The hotel will be operated by multinational hotel company and Holiday Inn Express brand owner InterContinental Hotel Group, headquartered in Denham, England.

The 294-room accommodation facility will adjoin Hongik University Station, one of the stations connected to Incheon Airport and Gimpo International Airport via the Airport Railroad Express.

Jeju Air has sought fresh business momentum through hotel ownership, including a launch of hotel and flight packages.

The rooms will be part of a 17-story building that will also be used as the new headquarters of AK Holdings and offices of subsidiaries of consumer goods maker giant Aekyung Group, including Jeju Air.

By Son Ji-hyoung (consnow@heraldcorp.com)