[THE INVESTOR] Ascendas Hospitality Trust, also known as A-HTRUST, announced on Nov. 29 that it is acquiring Ibis Ambassador Seoul Insadong for 77.5 billion won (US$69.18 million).
This is the Singapore-listed firm’s second purchase of a hotel here since it acquired The Splaisir Seoul Dongdaemun in April this year.
Its latest purchase is a 363-room hotel, located in central Seoul close to the city’s key shopping and business districts. Built in 2013, it has a restaurant, bar, two meeting rooms, a gym and sauna, as well as 24 carpark spaces.
The current operator is part of Ambassador Hotel Group, based in Seoul, which has a joint investment partnership with AccorHotels, the global hotel chain with 41 million members around the world.
The deal price is a 3.1 percent discount on the hotel’s latest valuation and the net property income yield is 4.6 percent.
The firm said the acquisition is expected to be fully funded through loans and will be completed by the year-end.
By Lee Ji-yoon (firstname.lastname@example.org)