SINGAPORE (EDGEPROP) - City Developments Ltd (CDL), through its wholly-owned subsidiary CDL Hotels (Korea), has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, for KRW140 billion ($143.9 million). The 408-room hotel was acquired from Shinhan Nine Tree Real Estate Investment Trust. The price works out to about $353,000 per key.

The 17-storey hotel, located in the Myeondong-Euljiro commercial district, opened in 2017. It is within walking distance of famous shopping areas including the Myeongdong Walking Street, Lotte and Shinsegae department stores, as well as restaurants, street food, business and entertainment venues. It is also a four-minute walk to the Euljiro 3-ga subway station.

Kwek Leng Beng, CDL executive chairman, says the group has been actively seeking new opportunities to reinvest in Korea following its divestment of Millennium Hilton Seoul and the adjoining land site in February 2022. The properties were sold to IGIS Asset Management for KRW1.1 trillion.

“This acquisition demonstrates our commitment to investing in Korea – one of Asia’s most dynamic economies with strong market fundamentals,” Kwek adds.