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ARA Korea Asset Management buys luxury hotel from Brookfield Asset Management
Transactions - JUNE 5, 2024

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ARA Korea Asset Management buys luxury hotel from Brookfield Asset Management

by Andrea Zander

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.

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