Namsan Hyatt Hotel Sold to Bluecove Management for Approximately 700 Billion KRW

Namsan Grand Hyatt Seoul is being sold to Blue Cove Asset Management.

According to industry sources on the 1st, Blue Cove Asset Management has completed a contract to purchase the Grand Hyatt Seoul located in Hannam-dong, Yongsan-gu, Seoul, for just over 700 billion KRW. The sale transaction was reportedly made through a share transfer agreement with Inmark No.1 Private Equity Partnership, which holds 100% of the shares of the Grand Hyatt Seoul's owning corporation.

The main investors of Inmark No.1 Private Equity Partnership include KH Electronics, KH Philux, KH Construction, IHQ, Jangwon Tech, and other affiliates of the KH Group. They acquired the Grand Hyatt Seoul in 2019 by investing approximately 600 billion KRW. With this transaction, the KH Group is expected to gain a profit of over 100 billion KRW. It is also reported that JS Corporation, a handbag OEM (Original Equipment Manufacturer) and ODM (Original Design Manufacturer) company, participated as an investor in this acquisition.

Meanwhile, hotel operations are expected to continue under Hyatt, a global hotel operator, according to the management contract with Hyatt.