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”.

The Nine Tree Premier Hotel is relatively new, and opened in 2017. The freehold 17-storey hotel comprises 408 rooms.

CDL says the hotel is “well placed to benefit from the positive market recovery momentum”.

Kwek Leng Beng, executive chairman, CDL says: “Our Group has over two decades of investment experience in South Korea, having entered the hospitality market with the acquisition of Millennium Hilton Seoul in 1999. Since divesting the property and its adjoining land site in February 2022, we have been actively seeking new opportunities to reinvest in Korea.”

CDL acquires Nine Tree Premier Hotel Myeongdong II 

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

Broker's digest: IHH Healthcare, FLCT, Boustead Singapore, BRC Asia, Starhill Global REIT, MPACT, Kimly

Cultural challenges in business diplomacy with China

Benign STI seen as investors pivot to foreign markets, growth stocks

Why the return-to-office wave is a wake-up call for businesses  

Developing robust AI strategies

Keys to becoming cyber resilient for healthcare organisations

Chip market troubles pose threats after AI euphoria

KKR is shrugging off 'fear in the market' to buy up risky debt

Thomson Medical receives additional one month to restore public float

Weekout (Dec 11): Janice Wong, Butcher’s Block, Cat Bite Club, 39+ Art Space

Musée Atelier Audemars Piguet takes visitors on a journey through the cultural legacy of the Swiss manufacturer 

Parmigiani Fleurier CEO Guido Terreni shares insights into the brand’s philosophy

A victory lap for the transitory inflation team

Shopping in the Garden City this Christmas

Singapore in 2024: Stepping into uncharted waters

Matter of time before Straits Times Index stages rally

Seatrium secures FPSO topside modules fabrication contract from MODEC

Yangzijiang Financial to start new ventures with departing CEO Toe; reaffirms buybacks

Is it time to add into S-REITs despite the sector's 7% gain in November?

Manulife US REIT units fall over 40% on debt restructuring plans, DBS downgrades to 'hold'

CDL acquires Nine Tree Premier Hotel Myeongdong II

Related News

Highlights

Qarbotech named winner of inaugural EQT Impact Challenge

Related News

CDL first to obtain OCBC's 1.5°C loan with three-year GBP200 mil sustainability-linked facility

CDL reports total sales value of $325 mil for 3QFY2023 as market sentiments improve

CDL aims for additional recurring income with Manchester acquisition for $125.7 million