The Hilton-branded, 434-room Conrad Seoul has been put back on the market, according to South Korean business-publication Korea JoonAng Daily, for an asking price of 1 trillion Korean won ($750 million).
The hotel was opened in 2012. In November 2016, Canadian private-equity firm Brookfield Asset Management bought it and its location, the International Financial Center Seoul, for a total of KRW2.55 trillion ($1.91 billion), according to Korea JoonAng Daily.
The site also has a shopping center and three office towers.
Brookfield management believed in August 2022 it had sold the IFCS site to Seoul-based Mirae Asset Global Investments, but that deal fell through when Korean financial authorities ordered Mirae to “reduce the level of debt proposed for financing the acquisition,” according to Bangkok-based Asian business website Mingtiandi, which added Korean regulators also did not permit the formation of the real estate investment trust Mirae proposed to structure the acquisition.
Mirae has filed a case against Brookfield with the Singapore International Arbitration Center to claim back its acquisition deposit of KRW200 billion ($150 million).
Brookfield’s hospitality portfolio includes the November 2021 acquisition of Spain’s Selenta Hospitality Group, which has approximately 3,000 rooms in six hotels.
Brookfield said it had no comment on the matter.