Luxembourg-based investor General Mediterranean Holdings is to pay $215m for the Seoul Hilton hotel in South Korea, while Goldman Sachs’ Korean fund Jinsan Asset H&M LLC has bought the Hyatt Regency Hotel in Pusan, South Korea, for $33m.
Western investors are becoming increasingly active in the region as many of the top hotels come up for grabs following the recent IMF-led restructuring package, which is forcing South Korean conglomerates to concentrate on their core businesses.
Prices are holding up well, with properties generally priced on yields of around 5%.
