Hana Financial Investment, Hotel Lotte buy $175m hotel in US

Korean brokerage Hana Financial Investment said Sunday that it had acquired a premium hotel in the US, marking its first acceptance financing business via strategic partnership.

The brokerage firm on Tuesday acquired Hotel at the Mark, a 44-story building located in downtown Seattle that was previously owned by Hotel Lotte and private equity real estate investment management firm Stockbridge, officials said.

Hotel Lotte joined in the $175 million deal as the consigned manager of the hotel. Starting June next year, the Korean hotel brand will operate the hotel under its new name, Lotte Hotel Seattle.

Near offices of global companies such as Microsoft, Amazon, Starbucks, Apple, Walt Disney and HP, the hotel is expecting sustainable business demand, according to Hana Financial.

Prior to the acquisition, Hana Financial Investment had signed a memorandum of understanding with Hotel Lotte in September, seeking to accelerate its overseas expansion and adopt an asset-light strategy for the takeover.

“We will do our best to apply our accumulated global investment banking solutions (to the joint business deal with Hotel Lotte),” Hana Financial Investment CEO Lee Jin-kook said, expressing content with the newly formed partnership.

Ref: Property Report