Ascendas Hospitality Trust (A-HTRUST) kept up its acquisition momentum, agreeing to acquire Ibis Ambassador Seoul Insadong (Hotel) on 28 November 2018 (Acquisition) for KRW 77.5 billion (SGD 94.5 million). This followed closely after A-HTRUST's maiden entry into Seoul with the acquisition of The Splaisir Seoul Dongdaemun, as A- HTRUST expands its footprint in the gateway city. The consideration for the Hotel is at a discount of 3.1% to its latest valuation and translates to a pro forma net property income yield of 4.6%. The acquisition is expected to be fully funded by debt and is expected to be completed by end of December 2018. The Hotel is located near Jung-gu, one of the major business districts in Seoul. The Hotel is also conveniently located in close proximity to prominent tourist destinations including the Insadong retail precinct, Changdeokgung Palace and Jongmyo Shrine. Completed in 2013, the facilities offered by the 363-rooms Hotel include a restaurant, a bar, two meeting rooms, a gym, a sauna, as well as 24 carpark spaces.