City Developments Limited (CDL), through CDL Hotels (Korea) Limited, its indirect wholly owned subsidiary, has entered into a sale and purchase agreement with YD427 PFV Co. Ltd, an entity managed by IGIS Asset Management Co. Ltd, for the proposed divestment of Millennium Hilton Seoul and the adjoining land plot in Korea for KRW 1.1 trillion ($930 million).
Located at the foot of Mount Namsan and within walking distance to Seoul’s downtown business district, the 5-star, 22-story Millennium Hilton Seoul is operated by Hilton Hotels & Resorts under a management contract. The hotel building comprises 680 guest rooms and 29 suites, a business center, fitness center, pool, area used for the casino and retail shops, restaurants and bar facilities, and other associated facilities and amenities.
The proposed divestment, which is expected to be completed by Feb. 28, 2022, is in line with the acceleration of the CDL Group’s capital-recycling strategy to unlock latent valu
