Pacific Asset Management has been selected as the preferred bidder for the sale of Four Points by Sheraton Chosun Seoul Myeongdong (Four Points Myeongdong).
According to investment banking (IB) industry sources on the 4th, EGIS Asset Management, which is selling Four Points Myeongdong, has selected Pacific Asset Management as the preferred bidder. Deloitte Anjin is handling the sale. The expected sale price is reported to be in the mid-200 billion won range.
Previously, on the 24th of last month, EGIS Asset Management held a bidding in which five companies participated: KB Asset Management, Pacific Asset Management, Blue Cove Asset Management, Cansus Asset Management, and Korea Real Estate Investment Trust. EGIS Asset Management decided on Pacific Asset Management as the final preferred bidder, considering factors such as funding availability and the likelihood of transaction closing, and plans to sign a contract around October of this year.
Located at 89 Jeodong 2-ga, Jung-gu, Seoul, Four Points Myeongdong stands 3 basement floors and 26 above ground, with a total floor area of 21,658 square meters and a total of 375 guest rooms. It opened in 2020 and is a four-star hotel. It is within walking distance of Euljiro 3-ga station on Seoul Subway Line 2 and Line 3, and is noted for being close to the Myeongdong commercial district.
EGIS Asset Management previously purchased this hotel for 166.5 billion won from SK D&D through the first real estate core platform fund, which was funded by the National Pension Service in 2020.