Korea’s top resort operator Sono buys T'way stake for $76 mn

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Korea’s top resort operator Sono buys T'way stake for $76 mn - Korea Economic Daily

Quick Summary:

South Korea’s top resort operator Sono International Co.bought a stake in T'way Air Co., a local low-cost carrier (LCC), for 105.6 billion won ($76 million) after taking over overseas hotels to expand its global businesses.Sono purchased a 14.9% stake in T'way from JKL Partners with an option to buy the remaining stake of 11.87% held by the Seoul-based private equity firm by the end of September, according to industry sources on Tuesday.

HOTELS, AIRLINEThe resort operator has been expanding its overseas businesses since it unveiled a goal of securing 500 chains in other countries changing its brand to Sono from Daemyung in 2019.

Sono secured the operation right of a Vietnam-based golf resort owned by Hyundai Engineering & Construction Co.in 2019 while taking over the Normandy Hotel in Washington DC in 2022 and 33 Seaport Hotel New York in 2023.