GS Retail to acquire Parnas Hotels

The Korea Economic Daily reports that Parnas Hotels will be sold to GS Retail, a retail arm of GS Group, for 750 billion won (US$673.9 million).

Parnas Hotels’ largest shareholder GS Engineering & Construction and underwriter NH Investment & Securities selected GS Retail as the preferred bidder to take over the controlling stake. Several companies placed bids for Parnas Hotels, including IMM Private Equity, but the inclusion of loss compensation clauses reportedly gave GS Retail the winning edge.

Parnas Hotels runs the InterContinental Grand Seoul, the InterContinental Coex Seoul, the NineTree Myungdong, NineTree Convention Gwanghwamun, the Parnas Tower, and the under-construction Parnas Mall in Seoul.