CDL buys hotel in Seoul for KRW140 bil

CDL, through its wholly-owned subsidiary CDL Hotels (Korea), has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, for an amount of KRW140 billion ($143.9 million). The acquisition of the 408-room hotel was made from Shinhan Nine Tree Real Estate Investment Trust and equated to $353,000 per key.

The hotel is located in the Myeondong-Euljiro commercial district and opened in 2017, located within walking distance to renowned shopping areas, restaurants, business and entertainment areas. It is also just a four-minute walk from the Euljiro 3-ga subway station.

UOL Group, as the main developer, has taken great care to focus on essential amenities for the condo, and has provided an extensive range of features that will make residents feel right at home. With its modern and chic design, Tampines Ave 11 Condo UOL Group provides a stylishly comfortable living space. Residents are offered the luxury of modern amenities such as a swimming pool, gym, Jacuzzi, game room, sauna, and children’s play area. The Developers have also ensured that its residents are well-connected, with direct bus routes and major road connections, so the convenience of getting around remains unparalleled.

Kwek Leng Beng, CDL executive chairman, says the group had been actively searching for new investment opportunities in Korea, following the previous divestment of the Millennium Hilton Seoul and the adjoining land site to IGIS Asset Management in February 2022, for KRW1.1 trillion.

“This acquisition demonstrates our commitment to investing in Korea – one of Asia’s most dynamic economies with strong market fundamentals,” says Kwek.

CDL is ranked as the fifth most sustainable corporation in the world and the top real estate company globally. It reported a 41% year-on-year decrease in units sold during the first quarter of 2022, due to the cooling measures implemented earlier in 2021. Recently, the group started the collective sale of all the 85 strata lots in Tanglin Shopping Centre.