The highly anticipated Voco Seoul Myeongdong bidding, the first hotel property bidding of the year, has been a success. Voco Seoul Myeongdong is an asset that was transformed into a 576-room hotel last September after Gravity Asset Management partnered with TPG Angelo Gordon to acquire the Tmark Grand Hotel Myeongdong in March 2024. The demand for foreign tourists has recovered since the height of the pandemic, and due to a supply shortage, the performance of hotels in Seoul has been strong. This had led to heightened market interest in the opportunity to invest in large 4-star hotels with over 500 rooms located in key tourist hubs in Seoul. […]