Hong Kong-based investment firm PAG and Seoul-headquartered Inmark Asset Management led a consortium to purchase the Grand Hyatt Seoul hotel from Hyatt Hotels Corp.
Grand Hyatt Seoul features 615 rooms and occupies a freehold site of more than 73,000 square meters, according to JLL's Hotels & Hospitality Group, which advised the seller for the transaction.
While terms of the deal were not disclosed, market observers estimate the deal's value at roughly 560 billion won, which is lower than the initial estimate of 600 billion won, The Korea Herald reported. The publication noted that the 41-year-old hotel has a gross area of 73,272 square meters.
Following the change of ownership, the hospitality property will continue to be operated under the Grand Hyatt brand under a long-term management agreement, the marketing agent added Dec. 20.
As of Dec. 20, US$1 was equivalent to 1,159.39 won.