Brookfield Asset Management has sold the Conrad Hotel in South Korea鈥檚 capital to ARA Korea REF for US$415m (鈧�385m).
The Conrad is a five-star luxury hotel anchoring IFC Seoul, a prime landmark mixed-use complex located in the Yeouido, the financial hub of Seoul.
Brookfield acquired IFC Seoul in 2016 and since then has successfully, completed a repositioning of the entire complex resulting in full occupancy with the office towers and retail shopping centre today.
Brian Kingston, CEO of Brookfield鈥檚 real estate business, said 鈥淭oday鈥檚 announcement demonstrates the strong and enduring demand for best-in-class real estate around the world as well as the strength and maturity of our APAC franchise.
鈥淥ur experience buying, selling and operating high quality assets allows us to continue to deliver value for our investors throughout market cycles.鈥�
Anthony Kang, CEO of ARA Korea, said: 鈥淭he outlook for the hotel industry remains positive, and we plan to continue seeking similar opportunities both domestically and internationally.鈥�
Kang said with the acquisition of Conrad Seoul, ARA Korea aimed to strengthen its presence in the Yeouido area, combining the brand value of Conrad Seoul with ARA Korea鈥檚 global asset management capabilities to maximize the hotel鈥檚 profitability.鈥�
ARA Korea REF currently owns Parc1 Tower II in Yeouido, acquired for approximately KRW1trn in 2020 for its portfolio which includes Seoul Square, acquired for approximately KRW1trn in 2019.
Nihat Ercan, CEO of JLL鈥檚 hotels and hospitality business in Asia Pacific, said: The Conrad Seoul transaction will reaffirm our confidence in the continued interest in the Korean hospitality market as the hotels鈥� performance stabilises robustly.
鈥淭he Conrad Seoul attracted a wide local and international buyer pool and we鈥檙e delighted to have delivered an exceptional result for Brookfield.鈥�
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