City Developments Limited (CDL) has acquired the Nine Tree Premier Hotel Myeongdong II in South Korea’s capital from Shinhan Nine Tree Real Estate Investment Trust for KRW140bn (€99m).
The Singapore-listed group made the acquisition through its subsidiary, CDL Hotels Korea.
Opened in 2017, the freehold 17-storey hotel in Seoul comprises 408 rooms and enjoys a prime location in the Myeongdong-Euljiro commercial district.
Kwek Leng Beng, CDL executive chairman, said: “Our group has over two decades of investment experience in South Korea, having entered the hospitality market with the acquisition of Millennium Hilton Seoul in 1999.”
Kwek said that since divesting the property and its adjoining land site in February 2022, CDL had been seeking new opportunities to reinvest in Korea.
“This acquisition demonstrates our commitment to investing in Korea – one of Asia’s most dynamic economies, with strong market fundamentals.
“We remain focused on expanding and optimising our hospitality portfolio while strategically acquiring top-quality hospitality assets in key gateway cities to further enhance our recurring income streams,” Kwek said.
The acquisition of Nine Tree Premier Hotel Myeongdong II marks the group’s second hotel purchase this year. It bought 5-star Sofitel Brisbane Central, in Australia in March 2023.
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet