Singapore’s GIC Fund Beats Out Blackstone, KKR in South Korean Property Deal
Skift Take
Singapore’s sovereign wealth fund GIC secured priority rights to acquire three South Korean hotels from DL Group for $413 million.
Singapore sovereign wealth fund GIC Pte has been given a prior right to buy South Korean hotels valued at $413 million from conglomerate DL Group. DL Group was reported to have selected GIC as the preferred bidder to take over three hotels in South Korea operated by DL’s hospitality subsidiary, Glad Hotels & Resorts Co. The hotels are two business hotels in Seoul and a tourist hotel in Jeju with a total value estimate at $413 million. GIC beat out Blackstone Group, KKR and SC Capital Partners in the auction. DL Group wants to exit the accommodations business to focus on their core ones, such as chemicals, construction and energy.
Four Points by Sheraton Bintan, Lagoi Bay on Bintan Island in Indonesia celebrated its first anniversary by finally holding its grand opening. This marked the hotel’s full provision of all guestrooms, oceanfront villas, spa, 24/7 fitness center, two restaurants, one beach club, six meeting rooms and an outdoor events space. The resort inc
