South Korea casino operator, Paradise Group has acquired a hotel in Orlando for $353.5 million, according to a company announcement on Friday.
The operator acquired Embassy Suites by Hilton Orlando Downtown through Paradise America LLC, the group’s U.S. unit, which includes 167-rooms, located in downtown Orlando, Florida.
The purchase marks the group’s first acquisition in the U.S, and is now the only hotel property outside of Korea that the group owns.
Earlier this month, the group posted consolidated operating profit of KRW 32.8 billion (US$29.4 million) for the second quarter of 2016, up 147.6 percent from a year earlier.
The upswing was largely due to low tourist numbers in 2015 because of the outbreak of Middle East respiratory syndrome as well as China’s crackdown on VIPs.
The firm’s revenue rose 32.2 percent to KRW 189 billion, while net profit surged 113.6 percent to KRW 27 billion.