The preferred bidder for Voco Seoul Myeongdong, notable for being the first hotel bidding of the year, is Singapore-based asset management company CapitaLand Investment. The price proposed by CapitaLand is in the high KRW 360 billion range, or approximately KRW 600 million per room. The price sits in the middle of Four Points by Sheraton Josun Seoul Myeongdong (approximately KRW 650 million per room) and Courtyard by Marriott Seoul Namdaemun (approximately KRW 630 million per room) that were traded last year. CapitaLand, which has shown consistent interest in the Korean hotel market but has taken a somewhat conservative stance, actively participated in the bidding alongside ARA Korea Asset […]