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Ascendas Hospitality Trust (AHT) has been actively acquiring hotels since they recycled capital via the sale of two Beijing hotels in Jan this year.
The latest acquisition is the Ibis Ambassador Seoul Insadong, for a purchase amount of about S$94.5 million. It is a 363 room hotel built in 2013, sitting on freehold land near the major tourist attractions of Geongbuk Palace, Bukchon Hanok Village, Insadong cultural district and Changdeukgung Palace.
This comes hot on the heels of recent acquisitions in 2018:
As a second Seoul hotel acquisition this year, it seems that management is confident of the Seoul tourism market recovery, after the Korea-China Thaad missile row spurring a strong …