ICP Ltd. (SGX:5I4) has agreed to acquire a 16-story building in Gangnam, Seoul, for 120 billion won, according to a Wednesday filing on the Singapore Exchange.

The property, with a gross floor area of 14,700 square meters, will be converted into a hotel under the Travelodge brand.

ICP's subsidiary, MHI SG 1, holds a 5% stake in the acquisition, with the remaining 95% owned by an affiliate. The deal, funded by internal resources and bank loans, follows an independent valuation of 138.3 billion won.