JBAM Acquires Mercure Ambassador Seoul Hongdae for KRW300 Billion in South Korea. JB Asset Management (“JBAM”), a subsidiary of South-Korea based JB Financial Group, has acquired 270-key Mercure Ambassador Seoul Hongdae from South Korea-based fund manager, Hyundai Asset Management, for KRW300 billion. Following the acquisition, Japan-based Sotetsu Hotels Management Co. Ltd will take over as the hotel’s operator. Mercure Ambassador Seoul Hongdae, located in the vibrant Hongdae area, features 24 floors and a total floor area of 17,058.52 square metres. The property includes a restaurant, bar, coin laundry and two meeting rooms and is just a two-minute walk from Hongik University subway station.