Blackstone and Travelodge Asia buy Seoul office building for hotel conversion
International news
Blackstone and Travelodge Asia have bought an office building in Seoul to convert into a “select-service” hotel for around KRW120bn (€80m). The 16-storey building sits in the centre of Gangnam’s 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: “ 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.”
Marcus Aw, managing director of Travelodge Asia, said: “We are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul.
“We 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.”