Ascendas Hospitality Trust acquires 98.7% stake in Seoul hotel for $89 mil

SINGAPORE (Apr 27): Ascendas Hospitality Trust (A-HTRUST) is making its maiden entry into the South Korean market.

Ascendas Korea Hospitality No 1 Professional Investors Private Real Estate Investment LLC, incorporated and owned by trustee-manager of Ascendas Hospitality Business Trust, is acquiring a 98.7% stake in KY-Heritage Hotel Dongdaemun for KRW72.1 billion ($89 million) from third-party vendor, KY-Development Co.

The 215-room hotel is a four-star hotel located in Dongdaemun, a major shopping and tourist destination in Seoul. Sitting on a freehold land, the development of the 20-storey Hotel was completed in 2015. The facilities offered by the hotel include a restaurant, a cafe, two conference rooms and a gym.

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