City Developments Limited (CDL) has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, from Shinhan Nine Tree Real Estate Investment Trust for Won140bn ($106m).
The real estate company executed the deal through its indirect wholly-owned subsidiary, CDL Hotels.
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Opened in 2017, the Nine Tree Premier Hotel Myeongdong II is a 17-storey freehold hotel that features 408 rooms
The property is located in the Myeongdong-Euljiro commercial district, near Myeongdong walking street.
The hotel is close proximity to the Euljiro 3-ga subway station, as well as entertainment venues, street food and restaurants.
CDL executive chairman Kwek Leng Beng said: “Our group has over two decades of investment experience in South Korea, having entered the hospitality market with the acquisition of Millennium Hilton Seoul in 1999.
“This acquisition demonstrates our commitment to investing in Korea – one of Asia’s most dynamic economies with strong market fundamentals.
“We remain focussed on expanding and optimising our hospitality portfolio while strategically acquiring top-quality hospitality assets in key gateway cities to further enhance our recurring income streams.”
The company noted that the purchase of Nine Tree Premier Hotel Myeongdong II is its second hotel deal in this year.
In March, CDL signed a purchase sale agreement and business asset sale agreement to buy the Sofitel Brisbane Central hotel in Australia from Brookfield Asset Management.
