South Korea-based Meritz Securities Co. Ltd. (“Meritz Securities”) and Josun Hotels & Resorts Co. (“Josun Hotels”), the hospitality arm of South Korea-based Shinsegae Co. Ltd., have partnered with UK-based Pacific Asset Management LLP (“PAM”) to acquire two hotels in South Korea. The investment fund was capitalised with KRW2.9 trillion from Meritz Securities and KRW50 billion from Josun Hotels, with PAM appointed as fund manager. The acquired properties include the 375-key Four Points by Sheraton Josun Myeongdong (“FSP”) in Seoul and the 306-key Gravity Seoul Pangyo, Autograph Collection (“GSP”) in Pangyo. The combined acquisition cost is reported to be in the lower range of KRW500 billion. Both hotels opened in 2020. The FSP spans 21,658 square metres across 26 storeys with three basement levels and includes two food and beverage outlets, fitness centre, and meeting spaces. It is located a five-minute walk from Eulji-ro MRT station. The GSP offers four dining outlets, an indoor pool,…
