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IGIS reportedly acquiring Millennium Hilton Seoul to turn it into an office building


IGIS reportedly acquiring Millennium Hilton Seoul to turn it into an office building
Photo by: Millenium Hilton Seoul/Facebook
Wednesday, May 26, 2021 9:42 AM UTC
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The potential acquisition deal
As per The Korea Herald, the five-star hotel was formerly owned by Daewoo Group, and it has been in operation for 38 years now. But on Tuesday, May 25, it was revealed that Millennium Hilton Seoul could end its service as it may be taken over by a new company.
Millennium Hilton Seoul and IGIS Asset Management are said to be already in talks for the sale of the establishment. The hotel’s largest shareholder, CDL Hotel Korea, is planning to let the asset management firm take over and remodel it to become an office building. ....

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Hilton Seoul likely to be transformed into office


Hilton Seoul likely to be transformed into office
GIC mulls investing in $900 mn Hilton Seoul deal
Chae-yeon Kim, A-young Yoon and Jae-won Park
3 HOURS AGO
ENG
Millennium Hilton Seoul, the venue of South Korea s 1997 negotiations to secure a $58 billion rescue package from the International Monetary Fund, will likely be sold to Seoul-based IGIS Asset Management Co. for around 1 trillion won ($900 million) to be redeveloped as office and hotel spaces.
IGIS, the country s largest real estate investment firm, is in the final stages of talks to buy the five-star hotel building from Singapore-listed City Developments Limited (CDL), according to investment banking sources on May 24. ....

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