100% Stock Purchase Including Buildings and Land
Basement 1, 19 Floors Above Ground in Honolulu Area
Overseas Expansion Following the US and France
Accelerating Leap to Global Hotel and Resort Brand
Daemyung Sono Group's Sono International is expanding its business as a global hotel and resort brand by acquiring the 'Waikiki Resort Hotel' in Honolulu, Hawaii.
Sono International announced on the 19th that it has signed a contract to acquire 100% of the shares, including all assets such as the building and land of the Waikiki Resort Hotel, for $110.1 million (approximately 140.2 billion KRW). Previously, Hanjin KAL owned 100% of the shares of this hotel.
Located in the Honolulu area on the southern end of Oahu Island, it is adjacent to Honolulu International Airport, Waikiki Beach, and Diamond Head. The hotel has a total floor area of 19,800㎡ and a land area of 4,500㎡, with 1 basement floor and 19 above-ground floors, housing a total of 275 rooms including 11 suites. It also features facilities such as restaurants, an outdoor swimming pool, banquet halls, and a business center, and is close to tourist attractions such as the world's largest Ala Moana Shopping Center and the Honolulu Zoo. The occupancy rate reached 86% as of last year.
Sono International changed its hotel and resort brand name from Daemyung to Sono in 2019 and has been accelerating its overseas expansion. That year, it successfully entered the overseas market for the first time by taking over the operation of the 'Song Gia Resort' in Vietnam, which was operated by Hyundai Construction, and renamed the resort 'Sonovel Haiphong.' It currently operates 60 hotel rooms, 78 residences, and a total of 27 holes of golf courses stably.
In 2022, Sono International expanded its business portfolio by acquiring and operating the 'Normandy Hotel' in Washington DC, USA, with 75 rooms, and in 2023, the '33 Seaport Hotel New York' with 66 rooms in New York. Last month, it also acquired the 'Dame des Arts Hotel' located in the Saint-Germain-des-Pr?s area in central Paris, France. This hotel, with 109 rooms, was selected as one of the top 20 hotels by the Paris Leaders Choice Awards last year. In addition, Sono International plans to successfully establish the Sono brand in various countries including Indonesia and Japan.
Seojunhyuk, Chairman of Sono International, emphasized, "Oahu Island is a major tourist destination preferred by all tourists visiting Hawaii," adding, "Through the successful acquisition and operation of the Waikiki Resort Hotel, we will continue to grow as a global hotel and resort company, ensuring the stable overseas expansion of the Sono brand."
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