Daewoo Looking to Check Out of Seoul"s Hilton Hotel
Daewoo group, the second largest Korean conglomerate, has decided to sell off the Seoul Hilton Hotel by the end of 1999, and it will also unload its Hilton Hotel in Kyongju, South Kyongsang Province, within next year.Daewoo feels it would be too difficult to sell both Kyongju's and Seoul's Hilton Hotels at the same time. At present, Kyongju's Hilton is running at a loss.
Daewoo is currently negotiating on a price for the Seoul Hilton with GMH, an investment firm based in Luxembourg. Daewoo is looking forward to receiving 300 billion won in return for the hotel, in consideration of the right to the Hilton name as well as the hotel's prime downtown location.
The chaebol's creditor banks reportedly have accepted Daewoo's proposal.
Jangsoo Seo:jsbee@joongang.co.kr
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)