Hyundai Asset Management Pursues Sale of Mercure Ambassador Hotel Hongdae

KB Asset Management Selected as Preferred Negotiation Partner

Hyundai Asset Management has put up for sale the landmark building ‘Mercure Ambassador Hongdae’ near Hongik University Station in Seoul.

Hyundai Asset Management announced on the 25th that it has decided to sell the Mercure Ambassador Hongdae building in Donggyo-dong, Mapo-gu, Seoul, which it owned through a fund, and selected KB Asset Management as the preferred negotiation partner in June.

Mercure Ambassador Hongdae Hotel

KB Asset Management plans to purchase the hotel using a blind fund from its group affiliates. The acquisition process is expected to be completed around the end of September.

Mercure Ambassador Hongdae is a mixed-use commercial facility with a total floor area of 17,058.52㎡ (approximately 5,160 pyeong), located at the center of the main commercial district near Hongik University Station. It consists of six basement floors and 18 above-ground floors, with the upper floors operated by Mercure Hotel, a brand of the global hotel chain Accor Group. The lower floors house prime tenants such as Musinsa and SK Telecom.

The location is also highly regarded. It is close enough to walk to Yeonnam-dong, a popular hotspot, and has good accessibility to the airport. The commercial districts of Hongdae and Yeonnam-dong are connected, attracting a large flow of people and many foreign tourists.

Hyundai Asset Management stated, "The performance of Mercure Ambassador Hongdae hotel significantly exceeds the average of 4-star hotels in the metropolitan area," and added, "If the influx of foreign tourists recovers to pre-COVID-19 pandemic levels, even higher performance can be expected."

This content was produced with the assistance of AI translation services.