Millennium & Copthorne Hotels (M&C) aims to acquire a plot of land next to a property its owns in the Korean capital of Seoul for £17.23 million.
The land, with a total area of 1,563.7m2, is adjacent to the Millennium Seoul Hilton Hotel which is owned by M&C.
M&C said it will develop detailed plans to build “hospitality facilities” on the site complementary to the Millennium Seoul Hilton.
The deal is being made through wholly-owned subsidiary CDL Hotels (Korea) Limited. It is due to be completed in the second quarter of the year.
M&C chairman Kwek Leng Beng said: “This is an exciting site for us to acquire as it is located immediately adjacent to our Millennium Seoul Hilton Hotel.
“The site has a lot of potential which I foresee will give M&C plenty of synergies and value to our operations in Seoul.”