The Millennium Hilton Seoul, a five-star hotel in central Seoul, will be sold to Igis Asset Management for $892 million, according to multiple local media reports.
The seller is CDL Hotels Korea, a Korean branch of Singaporean investment company City Developments Limited and the largest shareholder of Millennium Hilton.
The new owner plans to convert the hotel into an office building.
Overall class A office vacancy rose to 9.4 percent in the first quarter 2021, up 0.9 percentage points from the previous quarter, reported Cushman & Wakefield. The rise was primarily attributed to new supply within the GBD submarket. Unlike the same period of the previous year when leasing activities were reduced due to COVID-19, active leasing activities in GBD and YBD have improved, offsetting the increase in the average vacancy rate due to new supply.
In the CBD submarket, the vaca
