TPG Angelo Gordon has sold the Voco Seoul Myeongdong hotel in central Seoul to CapitaLand Ascott Residence Asia Fund II for KRW 368 billion ($240 million), according to Mingtiandi.
The 576-key hotel was sold by TPG Angelo Gordon and Gravity Asset Management, with CBRE representing the sellers. The sale price is 61 percent above what TPG Angelo Gordon and its co-investors paid for the property just more than two years ago, according to Mingtiandi.
CapitaLand Ascott Residence Asia Fund II, known as CLARA II, is a private fund managed by Singapore-based CapitaLand Investment.
CBRE announced the completion of the Jung district sale Thursday but
