Hong Kong-based investment firm PAG is looking to buy both the Grand Hyatt Seoul and nearby residential land. The real estate has been valued at approximately $415 million, down from a previous estimation of $493.5 million, the Korea Economic Daily noted.
Hyatt Hotels Corp., reportedly the owner of the asset, signed a memorandum of understanding with PAG earlier this week to sell the whole ownership of the property. Following due diligence, the parties will sign a definitive agreement, tentatively scheduled for October. Once the deal is completed, Hyatt will remain as the operator for the hotel. JLL is managing the sale.
According to the Korea Economic Daily, PAG—formerly known as the Pacific Alliance Group—may tap South Korea’s Meritz Securities Co. Ltd. as an underwriter for the acquisition.
The hotel’s guestrooms underwent 10 weeks of refurbishments last year from Australian design firm Bar Studio.