Goldman Buys $190 Million Hotel, Retail Assets in Seoul

Goldman Sachs Group Inc. has acquired the four-star Mercure Ambassador hotel in Seoul, as the US bank seeks to bolster its real estate alternatives business in South Korea.

The purchase comprises 270 rooms and mixed-use retail property in the Hongdae area in northwest Seoul, according to a statement on Thursday. The hotel is operated by a unit of Korea’s hospitality group Seohansa.

Mercure Ambassador hotel in Seoul.

Source: Goldman Sachs Group Inc.

Goldman paid 262 billion won ($190 million), according to people familiar with the matter, who requested not to be named because the matter is private. A representative for the bank declined to comment on the price.

“Korea ...