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Report: Hyatt signs MOU to sell Seoul properties to PAG for 500B won

Hyatt Hotels Corp. entered into a memorandum of understanding to sell its 615-room Grand Hyatt Seoul hotel and its nearby residential land to investment company PAG, The Korea Economic Daily reported Aug. 22, citing unnamed real estate industry sources.

A definitive deal for the property transfer is expected to be signed around October following the completion of a due diligence process. The properties are valued at about 500 billion South Korean won.

The Hong Kong-based investment company was reportedly chosen as the preferred buyer among 10 preliminary bidders. PAG is considering building luxury houses in the 8,757-square-meter residential site adjacent to the JLL-managed hotel, the publication reported.

Hyatt Hotels launched the sale process for the properties in May, with expectations to fetch up to 600 billion won. Following the asset transfer, the hospitality company will continue to manage the hotel.

As of Aug. 22, US$1 was equivalent to 1,210.27 South Korean won.