Hong Kong-based private equity firm PAG will acquire Grand Hyatt Seoul, according to sources Nov. 20.
The five-star hotel, which opened in 1978, is located in Yongsan District and has 615 rooms, with several food and beverage outlets.
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Established in 2002, PAG is one of Asia’s leading investment firms that manages over $30 billion.
In May, Hyatt Group decided to sell the hotel and picked US company Jones Lang LaSalle to organize the sale. The PEF was picked as a preferred bidder in August and at the end of October, it signed a contract to acquire it.
According to the contract, the PEF will buy the 18-story hotel and 8,757 square meters of surrounding land.
Industry insiders estimate the deal to be worth around 560 billion won ($478.54 million).
According to sources, the Hong Kong-based PEF also talked with few local investors like Meritz Securities and Hana Financial to form a consortium, but the information about its partner has not been disclosed yet.
Even after selling the hotel, Hyatt Group said it will continue to manage the hotel.
By Song Seung-hyun (ssh@heraldcorp.com)