The property is located in the prime Myeongdong-Euljiro commercial district and within walking distance to the Euljiro 3-ga subway station.
DBS Group Research has maintained its 'buy' call and $10.50 for City Developments following its acquisition of a hotel in Seoul, as the company continues to redeploy proceeds from previous divestments.
On July 4, CDL announced the $143.9 million acquisition of the 408-room Nine Tree Premier Hotel Myeongdong II, or KRW343k per key.
