Hyundai affiliate buying Westin Guam – Pacific Daily News

Gaynor Dumat-ol Daleno, 12:46 p.m. ChST March 4, 2016

A hospitality company affiliate of Hyundai Motor Corp. and various other South Korean investors is buying the Westin Guam Resort, according to Seoul-based company publication Pulse.

The proposed promote will certainly be worth $122 million, and will certainly represent Hyundai affiliate Haevichi Hotel and Resort’s very first hotel investment outside South Korea, Pulse reported.

The neighborhood administration of Westin Guam Hotel was unable to respond to a Pacific Everyday News request for comment as of press time.

If the buy of the Westin Hotel comes to be final, it will certainly be the 2nd Hyundai Corp.-related severe company promote in Guam in much less compared to a year.

In August last year, Hyundai Corp., moms and dad business of Hyundai Motor, sealed an estimated $900 thousand promote to provide the Guam Electricity Authority along with generator gas for 3 years.

Hyundai Corp. Chairman and Chief Executive Officer Monghyuck Chung visited Guam for the gas provide deal signing.

During that visit, Chung said Hyundai has actually owned receive in Guam due to the fact that 1969, as quickly as the corporation produced real estate subdivisions.

“We don’t constantly seek large markets, … however we do seek markets that will certainly be mutually beneficial” in the lengthy run, Chung said Throughout his Guam visit. “We have actually felt Guam has actually been very a reliable market.”

It’s unclear if Haevichi will certainly infuse its very own brand in to the Westin Guam Hotel property.

The Westin Guam’s parent, Starwood Hotels and Resorts Worldwide, likewise is undergoing ownership transformation.

Marriott Worldwide and Starwood are merging.

In a filing along with the U.S. Securities and Exchange Commission when it come to March 1, Starwood and Marriott stated they have actually cleared the pre-merger antitrust review in the United States, delightful among the ailments to close the merger deal.

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