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.