Brookfield Asset Management has agreed to sell a Seoul luxury hotel to South Korean firm ARA Korea REF Limited for US$415 million.

The five-star Conrad Hotel anchors a 5.4-million-square-foot landmark mixed-use complex in Seoul’s financial hub.

Toronto-based Brookfield acquired IFC Seoul in 2016 and since then has repositioned the entire complex, leading to full occupancy within its office towers and retail shopping center today.

Brian Kingston, CEO of Brookfield’s real estate business, said the deal demonstrates the strong and enduring demand for best-in-class real estate around the world as well as the strength and maturity of the firm’s Asia-Pacific franchise.

The divestment follows Brookfield’s sale of three other large international assets in recent months.

Brookfield sold a 49% stake in ICD Brookfield Place in Dubai and two A-class commercial assets in India. Brookfield sold the Dubai property to a joint-venture company owned by Abu Dhabi-based manager Lunate and Saudi Arabian conglomerate Olayan in April.

The Canadian institutional investor also divested two class-A commercial assets in India. Brookfield said the properties in Dubai and India were sold for $3.5 billion.

Photo: Tripadvisor