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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Seoul, South Korea – April 21, 2025 – KT&G, currently undergoing a real estate asset rebalancing, is moving forward with the sale of its Courtyard Marriott Seoul Namdaemun Hotel, located in the heart of Seoul’s Jung-gu district.
According to investment banking (IB) sources on Monday, KT&G has issued a Request for Proposal (RFP) to real estate consulting firms, accounting firms, and other relevant parties as part of the sale process for the hotel.
This move is seen as part of KT&G’s strategy to divest non-core assets and raise cash, in line with the thriving domestic hotel market.
Since the mid-2010s, KT&G has expanded into the real estate development sector, using funds generated from its tobacco business. However, due to high interest rates and an economic downturn, the company has ceased new investments and is now focusing on restructuring low-yield and financial assets to secure approximately 1 trillion Korean won in cash.
Recently, KT&G also conducted a sale auction for its prime office building, KT&G Euljiro Tower, located in the Seoul Central Business District (CBD).
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
