Hong Kong–based private equity firm PAG has teamed up with Seoul-based Inmark Asset Management to acquire the landmark Grand Hyatt Seoul hotel for KRW 560 billion ($480 million), reported The Korea Herald.
The 41-year-old, five-star hotel is one of the oldest among all currently operating hotels in Seoul, totaling 73,272 square meters (788,693 square feet) in gross area and 615 rooms.
According to a recent global capital flows report by JLL, Seoul displayed the highest level of liquidity in terms of commercial real estate transactions in the Asia Pacific region, ranking third in the world, behind only New York and Paris. And the total transaction volume for hotels was $1.1 billion this year, more than triple the yearly average from 2012 to 2018.
