Singapore-listed Datapulse Technology has agreed to acquire a 127-room hotel in central Seoul for S$42.7 (US$31m), gaining a foothold in the country as the company pivots towards hospitality-related property investments.
Datapulse bought the 11-storey property from Korean hotel operator Hotel Prima and plans to approach an international mid-scale brand to occupy it, the company said in an announcement.
The 5,758 sq.m. property is situated in the Myeongdong/Namdaemun shopping and tourist area, and is also near the Euljiro business district.
It was constructed in 2013 and then refurbished in 2016.
“Seoul, with a population of about 10m (25 million in the Greater Metropolitan Area), is one of the world’s leading financial and business centres,” said Datapulse chairman Aw Cheok Huat.
“We feel that the Korean market continues to offer good prospects for hotel investments, so we are still on a look-out for further opportunities in the sector.”
The tourism industry continues to recover in the South Korean capital after political tensions fuelled a sharp dip in tourist arrivals last year.
Total visitor numbers should reach about 15m this year and advisor JLL predicts the city is on track to gain more than 18m visitors by 2021 or 2022.
Headquartered in Singapore, Datapulse is a consumer, investment and property business.