TravelNewsAsia.com
Fri, 20 Dec 2019

PAG and Inmark Purchase Grand Hyatt Seoul

A consortium led by Hong Kong-based investment firm PAG and Seoul-based Inmark Asset Management has acquired the Grand Hyatt Seoul.

The hotel was sold subject to a long-term management agreement with Hyatt and will continue to operate under the Grand Hyatt brand. Terms of the sale were not disclosed.

JLL's Hotels & Hospitality Group acted as sole and exclusive advisor to the seller, an affiliate of Hyatt Hotels Corporation.

One of Seoul's most iconic hotels, the Grand Hyatt. Click to enlarge.

Occupying over 73,000 sqm of freehold land in the heart of Hannam-dong, one of the most affluent neighbourhoods in Seoul, the 615-room Grand Hyatt Seoul has a long-standing reputation as one of the most luxurious hotels in the city. The hotel has been recently elevated by a comprehensive renovation including an extensive transformation of all guestrooms and suites as well as a full renovation of its signature Grand Ballroom.

“This unprecedented opportunity received notable interest from both domestic and international investors, driven by the unique nature of the property, strong market fundamentals and the excellent outlook for Seoul’s hospitality market,” said Corey Hamabata, Senior Vice President, JLL’s Hotels & Hospitality Group.

According to JLL’s latest Global Capital Flows report, Seoul was the most actively traded city in Asia Pacific in terms of commercial real estate transaction volume as of Q3 2019. Transaction volumes in the hotel sector have mirrored this trend of increasing activity. According to the real estate firm’s data, hotels valued at approximately US$1.1 billion have transacted in Seoul so far this year, more than three times the average annual volume seen from 2012 to 2018.

Amazing view and a gorgeous room at the Grand Hyatt Seoul. Click to enlarge.

“Based on the current trajectory of trading performance, Seoul will be one of the fastest growing markets in Asia in terms of RevPAR in 2019. The hotel market outlook remains positive as a result of favourable supply and demand conditions, including healthy domestic demand, strong expected growth in international visitation and limited new supply,” added Mr Hamabata.

Beyond Seoul, South Korea is emerging as a major hotel transaction market in Asia Pacific. JLL predicts that the country will be the third or fourth most active transaction market in 2019, with an estimated volume of US$1.3 billion. An increase in the number of hotels built over the past decade means more properties are now eligible for sale, creating more opportunities for investors to enter the market.

Mike Batchelor, Asia CEO, JLL Hotels & Hospitality, said, “With Asia Pacific’s hotel transaction volumes expected to increase up to 30 per cent over last year to surpass US$11 billion in 2019, we’re confident that the region’s investment momentum will  continue into next year.”

See latest Travel News, Interviews, Podcasts and other news regarding: Hyatt, Grand Hyatt, Seoul, JLL.

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