[Exclusive] 37-Story Hotel at Busan International Finance Center Listed for Sale

In addition to guest rooms, auxiliary facilities such as wedding venues, sky lounge, and fitness & spa are located in Busan Munhyeon Financial Complex, the domestic financial hub along with Yeouido.

The 37-story Avani Hotel located in the Busan International Finance Center (BIFC) has been put up for sale.

According to the investment banking (IB) industry, this hotel situated in the Busan Munhyeon Financial Complex is currently operated under the 4-star hotel brand Avani. The entire hotel, covering an area of 300,000㎡, is on the market. The hotel has 4 basement floors and 37 above-ground floors, with 289 guest rooms and 85 suites.

Currently, Samjong KPMG is reported to be supporting marketing activities while engaging with potential buyers. The deal size (price) remains undisclosed.

Air Service Korea Co., Ltd. leases the entire hotel building, which includes various amenities such as wedding facilities, a sky lounge, fitness and spa centers, in addition to guest rooms.

The Busan Munhyeon Financial Complex is a domestic financial hub alongside Yeouido. BIFC was designated as a financial center together with Seoul Yeouido in January 2009.

The BIFC complex development project is divided into three phases. The first phase, BIFC, is a 63-story landmark building housing major financial companies that relocated to Busan, including the Korea Exchange, Korea Housing Finance Corporation, Korea Asset Management Corporation, and Korea Securities Depository.

BI CITY (Phase 2) is a mixed-use cultural space where finance, business, culture, and shopping can be enjoyed in one place. It consists of a 37-story building housing the hotel for sale and a 49-story building with officetels. When BIFC II (Phase 3) is completed in 2025, additional office facilities and relocated public institutions will move in.

An IB industry insider said, "With the selection of the host city for the 2030 World Expo approaching, there is significant market interest in Korean hotels," adding, "Given the many domestic hotels that have disappeared due to COVID-19, this is a noteworthy property."