Ascendas Hospitality Trust to buy Ibis Ambassador Seoul for 77.5 billion won
Trust will acquire 98.8% of hotel owner; purchase to be fully funded by debt
Singapore
ASCENDAS Hospitality Trust is set to acquire another hotel property in South Korea for 77.5 billion won (S$94.5 million).
The manager of the trust said after Wednesday's trading close that it has entered into an agreement with The Korean Teachers' Credit Union and KT&G Corp to take over Ibis Ambassador Seoul Insadong, following its entry into the South Korean city through the acquisition of The Splaisir Seoul Dongdaemun.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Microsoft adds security chiefs to product groups in wake of hacking woes