Top News JLL sets up office in Seoul By TTG Asia / Posted on 23 August, 2021 16:20 JLL Hotels & Hospitality Group has launched its dedicated South Korea advisory and investment services office in Seoul, becoming the first international advisor to offer a dedicated hospitality real estate practice in the country. Min Joon Kim, vice president, will lead the South Korea Hotels & Hospitality practice, delivering advisory, asset management, and investment sales services for the hospitality sector. He will also assist in directing Korean outbound capital as Korean institutional capital becomes increasingly important globally. Rapid development seen in the hotel industry has led to JLL planting a dedicated South Korea office in Seoul He will report to Xander Nijnens, managing director, head of advisory & asset management, Asia Pacific, JLL Hotels & Hospitality Group; and Corey Hamabata, senior vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality Group. According to JLL, the decision to establish a dedicated presence was driven by heightened activity in the South Korea market and interest from domestic and international investors. South Korea is ranked fourth in terms of hotel transaction volume in Asia-Pacific, with US$1.4 billion transacted in 2019 and US$770 million in 2020. JLL analysis also shows that investment volumes in South Korea reached US$849 million in 1H2021, a year-on-year increase of over 55 per cent. In establishing a local presence, JLL will look to advise clients deploying capital into hotel development projects and help facilitate increasing investment into the hotel sector through advising on all stages of the capital cycle, from acquisition to optimisation and disposition.