(DURBAN, South Africa) -- Pyeongchang, South Korea will host the 2018 Winter Olympics after beating off Munich, Germany and Annecy, France by a wide margin.
Pyeongchang received 63 of the International Olympic Committee's 95 votes, ahead of Munich’s 25 and Annecy’s seven.
"This is one of the happiest days for our country, our people and millions of youth[s] dreaming of winter sport," Pyeongchan’s bid chief Cho Yang-ho said, according to BBC News.
Pyeongchang’s population of 47,000 hopes its strategic location near South Korea's east coast will help spread the Olympics to a lucrative new market in Asia and become a hub for winter sports in the region.
Pyeongchang’s success in securing the site for 2018’s Winter Games marks the third time Asia has hosted the Winter Olympic Games. Sapporo, Japan hosted the 1972 Winter Olympic Games before Nagano, Japan in 1998.
"I will make a good Olympics," declared 69-year-old South Korean president Lee Myung-Bak Lee. "This is a victory for the Koreans, thank you to them."
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