Hong Kong's PAG wants to buy Grand Hyatt Seoul

Bar Studio renovates Grand Hyatt Seoul’s guestrooms and suites to maximize the panoramic city vistas.
The hotel's guestrooms underwent 10 weeks of refurbishments last year. Photo credit: Hyatt Hotels Corp.

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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The hotel's guestrooms underwent 10 weeks of refurbishments last year from Australian design firm Bar Studio.

Suggested Articles

Aggregate data for the Top 25 Markets showed lower occupancy and average daily rate than all other markets. 

Drawing from within, the company has appointed two new SVPs, a regional VP and a chief accounting officer to drive growth.

The WorldVue Mobile Web Remote and WorldVue Housekeeping App are meant to streamline guest experiences and staff operations.