Centurion Corp to expand into North Asia with $16.6 mil acquisition of South Korea property

SINGAPORE (Sept 10): Dormitory operator Centurion Corporation announced Monday it is acquiring the Benikea Hotel KP in the Dongdaemun district of Seoul, South Korea for 13.5 billion Korean won ($16.6 million), marking the group’s maiden entry into North Asia.

Centurion Corp is expected to spend another 3.7 billion Korean won to refurbish the existing 104-room, 3-star hotel into a 208-bed student accommodation. According to the group, there is potential to further increase the bed capacity to approximately 234 beds through asset enhancement initiatives.

Inclusive of stamp duty and other acquisition-related costs, the total cost of the proposed acquisition and proposed refurbishment will come up to approximately 18.4 billion Korean won.

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