Hyatt Hotels Corp., through an affiliate, sold the 615-room Grand Hyatt Seoul hotel for roughly $481 million.

The affiliate sold the shares of the entity owning the hotel to a consortium led by Hong Kong-based investor PAG and Seoul-based Inmark Asset Management. The transaction includes the undeveloped land next to the hotel intended for residential development by the consortium.

Hyatt signed a 75-year management contract for the hotel to keep the Grand Hyatt brand.

The hotel giant said the deal is part of its effort to raise $1.5 billion in gross proceeds from the sales of owned real estate assets by March 2022. It expects the deal's estimated impact to fourth-quarter consolidated adjusted EBITDA to be immaterial. For the full year, the hotel was expected to generate owned and leased hotel segment adjusted EBITDA of about $8 million, which Hyatt said was negatively affected by significant renovations finished in the first half of 2019.

Hyatt also disclosed that an affiliate assigned the company's contractual right to buy the Hyatt Regency Portland hotel at the Oregon Convention Center to real estate investment trust Xenia Hotels & Resorts Inc. The REIT earlier disclosed that it purchased the recently built 600-room hotel for $190 million. Hyatt received consideration for the assignment of the contractual purchase right and reimbursement of pre-opening and other pre-development expenses.

Hyatt added that it may buy back as much as an additional $750 million of its class A and B common stock under a repurchase program authorized by its board.