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Sign in Sign up for a FREE subscriptionSeoul hotel sells for $900m
Seoul-based IGIS Asset Management Co. has acquired Millennium Hilton Seoul from Singapore-listed City Developments Limited (CDL) for $900 million, reported KED. The new owner plans to redevelop it into new office and hotel spaces.
The 22-floor hotel has 700 guest rooms with a gross floor area of 82,856 square meters (891,855 square feet).
"As a hotel, it does not have a great location compared with other five-star hotels. But given its transportation conditions at the center of Seoul, Hilton will be more valuable as an office building or high-end residential complex," said a real estate industry source in the article.
