ONDA Management Invests in Wassong — Building Korea's Largest Extended-Stay Chain

ONDA Management Invests in Wassong — Building Korea's Largest Extended-Stay Chain

- ONDA Management makes strategic investment in extended-stay operator Wassong

- Aiming to build Korea's largest extended-stay franchise network

- Also signs new management contract for HEAVEN THE VIEW in Busan's Songdo

(Press Release — August 2, 2022) ONDA Management, a subsidiary of hospitality tech company ONDA, is making moves to become Korea's largest extended-stay franchise through a strategic investment in a specialized operator and a major new management contract in Busan.

On August 2, ONDA Management — a hotel management company — announced a strategic investment in Wassong, one of Gangwon Province's leading extended-stay operators. Last August, ONDA signed an MOU with Wassong to co-develop extended-stay properties, and this investment solidifies that partnership.

Founded in 2018, Wassong has earned strong reviews managing three properties around Sokcho: World Sky, World State, and Heaven Mark.

Gangwon is the most-visited domestic travel destination for Koreans, with the highest supply and demand for extended-stay properties — and analysts see major growth potential. In this large and fiercely competitive market, ONDA Management plans to expand alongside Wassong, whose track record in the region speaks for itself.

Extended-stay properties have drawn attention as an investment vehicle, but the sector faces issues like regulatory gray areas and illegal occupancy — making a trustworthy operator essential. Unlike other operators, ONDA Management staffs its team entirely with alumni of international hotel brands, and has spent the past two years building a business model that delivers meaningful returns to property owners.

ONDA Management has also signed a new management contract for HEAVEN THE VIEW in Busan's Songdo, which it will operate under the SoTA Collection The Songdo brand.

"This strategic investment in Wassong brings us closer to building Korea's largest extended-stay franchise network," said Yoon Myung-ki, CEO of ONDA Management. "We will stay true to our founding principle — mutual success with property investors — and do everything we can to deliver stable returns."

ONDA Management is a subsidiary of hospitality tech company ONDA. It specializes in hotel management for small and mid-sized properties, motel rebranding, extended-stay franchises like SoTA, and hotel development.

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