Travelodge Hotels Asia (THA) has recently announced the acquisition of the Staz Myeongdong 2 Hotel in Seoul, South Korea, marking another strategic step in the company’s expansion across the Asian market.
The hotel, which consists of 174 rooms, was acquired on behalf of a separate account investor advised by THA.
This acquisition is not just an addition to the brand; THA plans an extensive refurbishment for the hotel. The revamped property is set to reopen in the first quarter of 2024 under the name Travelodge Myeongdong Namsan (TLMN).
This will be THA’s fourth establishment in Seoul, complementing its current portfolio that includes Travelodge Myeongdong Euljiro, Travelodge Dongdaemun, and Travelodge Myeongdong City Hall.
THA’s growth has been commendable in recent years. This new addition in Seoul follows closely on the heels of THA’s acquisition of four hotels in Japan in 2023: Travelodge Osaka Honmachi, Travelodge Kyoto Shijo Kawaramachi, Travelodge Sapporo Susukino, and Travelodge Nagoya Sakae.
These strategic moves have expanded THA’s presence to 18 hotels across 14 cities in six countries throughout Asia. The group’s vision doesn’t stop there; they have set their sights on operating 50 hotels by 2030. Since 2017, THA has played an instrumental role in the acquisition of hotel assets across Asia, with a cumulative value nearing US$1 billion.
Their influence spans across vital markets including Singapore, Japan, South Korea, Hong Kong, and Thailand.
The newly acquired TLMN boasts a prime location in Seoul, being a stone’s throw away from the iconic Myeongdong Cathedral and nestled amidst Myeongdong, one of the region’s premier retail destinations.
Visitors can indulge in a shopping spree with brands ranging from local favorites like Laneige and Innisfree to international giants such as Nike and Adidas. Moreover, the area offers an array of street food stalls, further enhancing the tourist experience.
The upcoming refurbishment, spearheaded by the THA technical team, will focus on enhancing the overall guest experience. Planned upgrades include modernized rooms, a rejuvenated façade, a refreshed lobby, and upgraded guest facilities.
Among the standout features is “The Social,” a versatile space combining the hotel lobby, lounge, and bar. Additionally, guests can benefit from meeting rooms, a restaurant, a gym named “Sweat”, and a self-service laundromat termed “Spin”.
Marcus Aw, THA’s Managing Director, expressed his optimism about the acquisition, seeing it as a springboard to revert to their pre-Covid growth trajectory. He highlighted the strategic opportunity presented by the current market conditions and reaffirmed THA’s commitment to expanding further within and beyond Seoul.