Hyundai Group takes over Banyan Tree Club & Spa
By Lee Hyo-sik
Hyundai Group said Friday that it acquired the Banyan Tree Club and Spa near Mt. Nam for 163.5 billion won ($139 million). After being selected as a preferred bidder in January, it performed due diligence on the luxury hotel for the past five months.
It plans to transform the hotel into Seoul’s best family-oriented resort hotel for both locals and foreign tourists.
With the capital city lacking some 50,000 hotel rooms, the group has decided to enter the hotel business.
``Through our management know-how, we believe the Banyan Tree Club and Spa will become the country’s top resort hotel,’’ a group spokesman said.
The company plans to unveil a detailed blueprint later.