Goldman Sachs buys Seoul’s Mercure Hongdae Hotel
Goldman Sachs Alternatives has acquired the Mercure Ambassador Seoul Hongdae, a 270-room hotel and mixed-use retail property in one of Seoul’s busiest youth and tourist hubs, the firm said Thursday.
The asset, part of Accor’s global Mercure brand, was purchased through a real estate fund managed by Goldman Sachs Alternatives. It is located in the heart of Hongdae, a vibrant neighborhood in Mapo-gu, northwestern Seoul, known for its dense retail presence and cultural appeal.
The property's retail component is anchored by a major Korean retailer expanding its offline footprint. The space will serve as a flagship for the brand’s private-label products, complementing its e-commerce platform.
“This investment reflects our continued conviction that Korea is a strategically important market for our real estate investing platform,” said Nikhil Reddy, head of Real Estate for Asia Pacific at Goldman Sachs Alternatives. “The property’s location and high foot traffic, resulting in strong flagship retail demand, presents a compelling opportunity to deliver long-term value for our investors.”
Choi Ji-won