CDL continues investment in Korea, acquires Nine Tree premier hotel

City Developments Limited (CDL), through its indirect wholly owned subsidiary, CDL Hotels (Korea) Limited, has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul from Shinhan Nine Tree Real Estate Investment Trust for KRW 140 billion ($106.5 million).

Opened in 2017, the freehold 17-story upscale hotel comprises 408 rooms and enjoys a prime location in the Myeongdong-Euljiro commercial district, within walking distance to famous shopping areas including the Myeongdong Walking Street, Lotte and Shinsegae department stores, as well as restaurants, street food, business and entertainment venues. It is also conveniently located within a four-minute walk to the Euljiro 3-ga subway station.

The hotel is well placed to benefit from the positive market recovery momentum amidst robust demand from international visitors. Meanwhile,