JLL advises Brookfield on landmark Conrad Seoul transaction
The transaction will represent the largest single-asset hotel sale in Korea in 2024
SEOUL, 11 JUNE 2024 – JLL’s Hotels & Hospitality Group today announced that it advised Brookfield Asset Management (“Brookfield”) on the exchange of definitive contracts for the marquee Conrad Seoul for circa $300 million. The transaction will represent the largest single-asset hotel sale in Korea in 2024 and the largest hotel sale by JLL in Korea since the Grand Hyatt Seoul, in 2019.
The exchange of contracts of the Conrad Seoul by JLL represents the second largest hotel transaction in Asia Pacific in 2024 year-to-date.
According to JLL, the impending transaction underlines the attractiveness of Korea as a travel destination and reinforces the appeal of the investment market with the 434-key Conrad Seoul being the third hotel transaction in Seoul in 2024.
“The Conrad Seoul transaction will reaffirm our confidence in the continued interest in the Korean hospitality market as the hotels’ performance stabilizes robustly. We also take great pride in JLL’s ability to pair the first sale of a Korean hotel asset to a globally recognized investor in 2024, highlighting our strength in connecting international capital with local opportunities,” says Nihat Ercan, CEO, JLL Hotels & Hospitality Group, Asia Pacific.
Before this transaction, JLL has been active in the Korea hotels market for several years, successfully selling the Mercure Ambassador Hongdae in 2021 and Hotel Crown Itaewon in 2022.
“We have seen global cross-border hotel investment volumes surge in 2024 and should continue to accelerate further, including in the Korean market where JLL continues to be active,” says Karan Khanijou, Senior Vice President, JLL Hotels & Hospitality Group, Asia Pacific.
“The Conrad Seoul attracted a wide local and international buyer pool and we’re delighted to have delivered an exceptional result for Brookfield,” says Ercan.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.