Cushman & Wakefield Korea said on the 2nd that it successfully completed sell-side advisory for the hotel-retail mixed-use asset Cheonghui Building in the heart of Myeong-dong, Seoul. With a total floor area of about 1,798 pyeong, the Cheonghui Building houses the 152-room hotel Sotetsu Fresa Inn Seoul Myeong-dong on the upper floors under a long-term master lease, while the lower floors are configured as retail facilities centered on K-beauty flagship brands.
Cushman & Wakefield Korea merchandised this asset as a mixed-use asset combining stability and growth by highlighting its irreplaceable prime location within Myeong-dong, stable cash flow based on a long-term master lease, and the potential for hotel revenue-linked rents and higher retail rents as the tourism market recovers. As a result, a total of five firms participated in the bidding, and the sale was completed.
During the same period, Cushman & Wakefield Korea also successfully completed sell-side advisory for K-Square Hongdae in Donggyo-dong, Mapo District, Seoul. Located in the Hongdaeipgu Station area, K-Square Hongdae is a retail-focused mixed-use asset with three underground floors, 12 above-ground floors, and a total floor area of about 3,372 pyeong.
Cushman & Wakefield Korea led marketing with the district's symbolic status and station-area location competitiveness, and formed a competitive landscape built around hotel conversion/redevelopment and medical conversion strategies, attracting the Koramco Asset Management–Paradise Group consortium as the buyer and successfully closing the transaction.
Choi Ju-sang, executive director at Cushman & Wakefield Korea, said, "The high street market, like the hotel market, is expected to continue its upward trend based on recovering tourism demand."