The Nine Tree Premier Hotel is relatively new, and opened in 2017. The freehold 17-storey hotel comprises 408 rooms.
City Developments (CDL) announced on July 4 that it has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul from Shinhan Nine Tree Real Estate Investment Trust for KRW 140 billion ($143.9 million) or KRW 343 million ($353,000) per key.
In February 2022, CDL completed the divestment of the Millenium Seoul Hilton for the equivalent of $1.26 billion or at a premium $964 million to book value as part of its asset recycling strategy and to “unlock latent asset values”.
