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KTB to invest $93 million in NYC Marriot at the Brooklyn Bridge

Collected: 2016.11.15

Distributed: 2016.11.16

Source: Go Direct

South Korea’s KTB Asset Management Co. jointly with a number of local institutional investors will invest around 110 billion won ($94.1 million) in New York Marriott at the Brooklyn Bridge in the form of mortgage-backed securities with an aim to raise annual returns of 5 percent.

The asset manager said Monday that it has created a real estate fund worth 109 billion won to invest in the hotel. The Korean investors have set a target of generating an annual return of 4 to 5 percent based on their investment in senior mortgage-backed bonds issued on security of the hotel in Brooklyn.

Located just across the East River from Manhattan near trendy Brooklyn Heights and DUMBO neighborhoods, New York Marriot at the Brookyln Bridge has undergone a renovation in August for upscale look. It consists of two buildings on a floor area of 50,956 square meters. Muss Development LLC owns the largest hotel in Brooklyn run by Marriot Hotel Services, Inc.

KTB has been ramping up its investment in alternative assets such as real estate properties since it named new chief executive in July. In August, it signed an agreement with a Chinese aircraft leasing company to invest $85.6 million funded by domestic insurers and mutual aid associations in an Airbus A330-300 run by Singapore Airlines. As of October, the firm oversees about 985 billion won worth real estate funds at home and abroad.

By Song Gwang-sup

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