The hotel will undergo significant renovations and is slated to reopen in Q1 2024 as Travelodge Myeongdong Namsan (TLMN), marking THA’s fourth establishment in the city.
The group’s presence in Seoul already includes Travelodge Myeongdong Euljiro, Travelodge Dongdaemun, and Travelodge Myeongdong City Hall.
Coming after THA’s recent completion of four hotel acquisitions in Japan, this new acquisition aligns with the group’s ambitious plans.
The four Japanese establishments – Travelodge Osaka Honmachi, Travelodge Kyoto Shijo Kawaramachi, Travelodge Sapporo Susukino, and Travelodge Nagoya Sakae – were all acquired, renovated, and launched in 2023.
As of now, THA operates 18 hotels across 14 cities in six Asian countries, with a vision to run 50 hotels by 2030. Since 2017, the company has overseen acquisitions amounting to nearly US$1 billion in assets across key markets, including Singapore, Japan, South Korea, Hong Kong, and Thailand.
TLMN’s prime location in Seoul’s core places it adjacent to the bustling Myeongdong area, renowned for its retail streets teeming with celebrated Korean and international brands and a haven for street food aficionados.
The forthcoming refurbishments, headed by the THA technical team, aim to rejuvenate the hotel’s aesthetic, including upgrades to its rooms, façade, lobby, and other guest facilities. Among the features are “The Social” – an amalgamation of the hotel lobby, lounge, and bar, in addition to meeting rooms, a restaurant, gym (“Sweat”), and a self-service laundromat (“Spin”).
Marcus Aw, THA’s Managing Director, expressed his enthusiasm for the new addition, noting the company’s fondness for the South Korean market.
He remarked, “After a slowdown during the Covid years, we aspire to revert to our pre-Covid trajectory of introducing 2-3 new hotels annually in South Korea.” In the light of current interest rates, Aw highlighted the strategic opportunity to acquire quality assets at appealing valuations, backed by a surge in inbound arrivals.
Furthermore, while THA has a considerable presence in Seoul, it is actively exploring opportunities to expand, scouting locations within and outside the city, such as Jeju, Busan, Incheon, and Daegu.