To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionPAG named potential buyer of Seoul hotel for $400m
Hong Kong–based investment firm PAG is said to be the preferred buyer of the Grand Hyatt Seoul hotel and nearby residential land, according to media outlets.
The real estate has been valued at approximately $415 million.
The vendor, Hyatt Hotels Corp., reportedly signed a memorandum of understanding to sell the asset to PAG earlier this month.
Following due diligence, the parties will sign a definitive agreement, tentatively scheduled for October. Once the deal is completed, Hyatt will remain as the operator of the hotel.
