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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

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Published Wed, Nov 28, 2018 · 09:50 PM

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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.

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