A joint venture between Wealthcore Investment Management and South Korea-based Mastern Investment Management, acting on behalf of Meritz Securities Co. Ltd., Hana Financial Investment Co. Ltd. and NH Investment & Securities Co. Ltd., acquired the Hilton Parkview hotel in Vienna for €370 million.

The roughly 50,000-square-meter property at Am Stadtpark comprises more than 660 rooms and 241 car spaces and is undergoing a €75 million extension.

The sellers were two Austrian family offices represented by INVESTER United Benefits. Hilton has managed the asset for over four decades, according to a release.

Wealthcore Financial Services, which advised the investors, secured long-term debt financing from Bank Austria and Raiffeisen Bank International.

DLA Piper Frankfurt Vienna and Luxembourg advised Wealthcore on legal matters, while PwC Vienna and Luxembourg was tapped for tax consultancy. iC Consulenten Ziviltechniker Vienna acted as technical adviser.

Savills Frankfurt London and Seoul and PKF hotelexperts Munich advised on the transaction.