Seoul hotel sells for $900m
Transactions - OCTOBER 19, 2021

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Seoul hotel sells for $900m

by Andrea Zander

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.

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