Koramco to acquire 5 Hotel Euljiro in Seoul
The 297-key hotel is valued between KRW 140 billion and KRW 170 billion.
South Korea-based Koramco Asset Management (Koramco) has signed a sales and purchase agreement to acquire the 297-key U5 Hotel Euljiro in Seoul, South Korea.
The deal is valued between KRW 140 billion and KRW 170 billion, translating to approximately KRW471 million to KRW572 million per key.
Koramco plans to invest an additional KRW 10 billion to upgrade facilities and expand the property to over 300 keys.
The hotel is also reportedly set to be rebranded as Mercure Ambassador, a joint-venture brand between Accor and Ambassador Hotel Group.
The deal is valued between KRW 140 billion and KRW 170 billion, translating to approximately KRW471 million to KRW572 million per key.
Koramco plans to invest an additional KRW 10 billion to upgrade facilities and expand the property to over 300 keys.
The hotel is also reportedly set to be rebranded as Mercure Ambassador, a joint-venture brand between Accor and Ambassador Hotel Group.
