(Yonhap)

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South Korea’s Taekwang Industrial is accelerating its business restructuring through aggressive expansion into new sectors, signing a definitive agreement Tuesday to acquire the Courtyard by Marriott Seoul Namdaemun hotel.

According to industry sources, the company signed a sales contract with KT&G to purchase the four-star hotel for around 250 billion won ($184 million).

Completed in 2016, the Courtyard by Marriott Seoul Namdaemun is located in Jung-gu, central Seoul, with 400 guest rooms across 20 floors and five basement levels, spanning a total floor area of 31,837 square meters. Taekwang Industrial plans to complete the payment and closing procedures by the end of the year while retaining the hotel’s existing brand.

Taekwang, once ranked among Korea’s top 30 conglomerates under former chairman Lee Ho-jin through major acquisitions in finance and media, is now shifting its focus after a prolonged downturn in its core petrochemical and textile businesses.

The company recently signed an acquisition deal for Aekyung Industrial to expand its cosmetics business, submitted a main bid to acquire real estate asset management giant IGIS Asset Management, and joined the race to acquire mid-sized shipbuilder K Shipbuilding, formerly STX Offshore & Shipbuilding.