Cushman & Wakefield Launches Hospitality Services in Korea
29 May, 2008, Korea
Cushman & Wakefield, the world’s largest privately held real estate firm, announced today that it has launched a hospitality services team in Korea.
Responding to increasing interest and demand from clients in the hospitality and leisure sector, and fuelled by inbound and outbound tourism & investment, the hospitality services group will provide new development advisory, market and strategic operator advisory services, valuation and transaction services, as well as financial structuring and capital solutions for properties in Korea and for Korean entities investing in hospitality projects abroad.
Sebastian Skiff, Managing Director of Cushman & Wakefield’s Korea office says “It’s a great opportunity for us to call upon the extensive experience of the Asia Pacific hospitality group and assist Korean companies involved in the hospitality industry, from operators to investors. I am looking forward to offering this new service capability to our existing clients in Korea and am sure that this will provide a new market opportunity for the company to capitalize on”.
The group is currently working in Korea on a detailed strategic review with one of the luxury premier hotels in downtown Seoul. Current other projects the team are involved in include developments in Bali, Fiji, The Philippines and Thailand.
Michael Flynn, Executive Director, Cushman and Wakefield Hospitality Asia Pacific, comments “We are delighted to be working with the Korean office on developing hospitality consulting and transactional services within Korea, but also servicing key Korean clients in their activities outside of Korea.”
He adds “We are pleased to appoint Soo Jin as our key hospitality professional in Korea, supported by our team of 20 consultants in the region who provide expertise from development operator selection and review through to asset management and transactional support. Korea has always had a strong hospitality industry and we look forward to working closely with developers, investors and existing owners in optimising their returns.”
During 2007, Cushman & Wakefield’s investment team in Korea,led by Executive Director, Richard Hwang, successfully completed the disposition of Tower Hotel in Seoul at approximately KRW 120 billion (USD 1.2billion). Purchased by, Urban Oasis Inc, they are currently undertaking a complete renovation of the property, and has secured Banyan Tree Hotels & Resorts to operate ‘Banyan Tree Club & Spa’, on the 72,726 sq m of land, its first private members club in Asia.
For further information, please contact:
82 2-3708 8869