CLAS owns two freehold hotels in Seoul, South Korea, under master leases with fixed and variable rent components. ibis Ambassador Seoul Insadong is a 363-unit hotel and is strategically located near the CBD, one of the major business districts in Seoul, where many large Korean corporates and financial institutions are based. The hotel is also located near key tourist destinations such as the Insadong retail precinct, Changdeokgung Palace and Jongmyo Shrine. It is a short walk from the Jongno 3-ga Station, which runs three lines of the Seoul metropolitan subway, offering convenience and connectivity to other parts of the city. The property has a remaining master lease term of approximately nine years. South Korea GROSS RENTAL INCOME (KRW’MILLION) FY 2024 FY 2023 ibis Ambassador Seoul Insadong 5,183 4,133 Sotetsu Hotels The Splaisir Seoul Dongdaemun 5,635 4,047 1 Based on the assumption that the lessee exercises its right to terminate the 20-year lease agreement at the 10-year mark, by paying one year of rent. Based on the full 20-year term of the lease, the remaining lease term would be approximately 14 years. Properties 2 Total Revenue (FY 2024) S$10.7M Total Gross Profit (FY 2024) S$10.1M Units 578 Valuation (as at 31 December 2024) S$170.5M Sotetsu Hotels The Splaisir Seoul Dongdaemun is a 215unit hotel located in the wholesale and retail precinct of Dongdaemun, one of the most popular destinations in Seoul. Landmarks within its vicinity include the Dongdaemun Design Plaza and the Doota Mall. The hotel is well-connected to other parts of Seoul as it enjoys direct access to the Dongdaemun History & Culture Park Station, which runs three lines of the Seoul metropolitan subway. The property has a remaining master lease term of approximately five years1. In FY 2024, revenue for the South Korea portfolio increased by 32% YoY in KRW terms, due to higher variable rent on the back of strong demand and operating performance. Featured property: ibis Ambassador Seoul Insadong, South Korea 47 Annual Report 2024
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