Blackstone and Travelodge Asia have bought an office building in Seoul to convert into a 鈥渟elect-service鈥� hotel for around KRW120bn (鈧�80m).
The 16-storey building sits in the centre of Gangnam鈥檚 prime office and commercial district.
The latest acquisition by funds managed by Blackstone Real Estate, is the third real estate transaction from Blackstone in South Korea this year.
Chris Kim, head of real estate - Korea, Blackstone, said: 鈥� We are big believers in travel and leisure as an investment theme, including in South Korea, where its culture and medical services are driving demand.鈥�
Marcus Aw, managing director of Travelodge Asia, said: 鈥淲e are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul.
鈥淲e have been active in acquiring assets with strong value add upside potential from being repositioned as midscale hotels, with a particular focus on South Korea, Japan, Singapore and Hong Kong.鈥�
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