Singapore-based ARA Korea Asset Management has purchased the Conrad Seoul Hotel, according to media outlets.
The sales price was estimated KRW 400 billion ( $415 million).
The seller was Brookfield Asset Management.
The sale represents the second-largest hotel transaction in the Asia Pacific region so far in 2024, JLL said, which advised on the deal.
The Conrad Seoul is a 434-room luxury hotel. The Conrad is a five-star luxury hotel anchoring IFC Seoul, a 5.4 million square feet landmark mixed-use complex located in the Yeouido, the financial hub of Seoul, South Korea.
The overall revPAR of Korea’s luxury hotel segment reached KRW 209,317 ($152) in the first quarter, representing a 12.9 percent year-on-year increase and surpassing 2019 levels by 53.7 percent, according to JLL.
