JLL appointed exclusive sales agent for Fairfield by Marriott Seoul

JLL’s (NYSE:JLL) Hotels & Hospitality Group today announced that is has been appointed the exclusive sales agent for the Fairfield by Marriott Seoul in South Korea. The freehold hotel asset is located adjacent to the Yeongdeungpo Station near Seoul’s Yeouido Business District, boasting excellent location and accessibility. The asset is one of the largest single asset hotel opportunities in Seoul, where interest in hospitality assets remains high from both international and domestic investors.

The asset comprises of 556 keys and nearly 4,000 m² of retail space, which boast 0% vacancy since the Property was completed in 2018. The hotel boasts high occupancy of 94% and exhibited strong RevPAR recovery following the COVID pandemic. The Property offers an opportunity to acquire a well performing hotel with further upside as Korean hospitality market continues to reach new record highs.

“Interest in Seoul hotels has remained consistently high post-COVID given strong market performance and tight supply coming to the market. We expect interest in the Fairfield by Marriott Seoul to be active and diverse, with many investors eager to expand their portfolios to include marquee and centrally connected hospitality assets,” Nihat Ercan, CEO, Asia Pacific, JLL Hotels & Hospitality Group.

According to JLL, Fairfield by Marriott Seoul offers exceptional connectivity through the Yeongdeungpo Station which is serviced by both Seoul metropolitan subway line and the KTX high-speed railway. Favorable access to public transportation hubs is enhanced by direct connectivity to Incheon International Airport. Furthermore. the hotel is located near major demand generators such as Lotte Department Store, Shinsegae Department Store, and The Hyundai Mall—Seoul’s largest retail center—providing a highly desirable location to corporate, government and leisure demand.

“JLL is delighted to be bringing such a desirable asset to market in the dynamic capital of South Korea. Our track record of bringing marquee assets via a transparent, international marketing campaign is well-established and this transaction will likely mirror the processes we refined during the sale of the Conrad Seoul in 2024. We expect significant investor interest in this asset, given rising room rates and a limited supply of new hotels in the market. Additional rate cuts and favorable currency exchange rates expected in 2025 will likely make Seoul a popular destination for foreign hotel investments,” says Karan Khanijou, Senior Vice President – Investment Sales, JLL Hotels & Hospitality Group.