Canada Pension Plan Investment Board (CPP Investments) has teamed up with BlueCove Investment, a Korean asset manager, to enter the hospitality sector in South Korea. Announced on 2 June 2026, the partnership involves a KRW 500 billion (US$474 million) investment, with CPP Investments holding a 95% stake and BlueCove the remaining 5%.

This venture marks CPP Investments' first direct foray into Korea's hospitality industry. The collaboration aims to acquire and reposition hotel assets in Seoul, focusing initially on two projects in the city's tourist hotspots. CPP Investments has committed up to KRW 119 billion (US$112 million) to kickstart these projects.

Gilles Chow, Head of Real Estate Asia Pacific at CPP Investments, highlighted Korea as a strategic addition to their hospitality investments in the Asia Pacific, following recent ventures in Japan. "Korea's hospitality market is buoyed by strong domestic demand and increasing inbound tourism," Chow stated, emphasising the potential for long-term returns for the CPP Fund.

Esby Kim, CEO of BlueCove Investment, expressed optimism about the partnership's prospects. "By combining CPP Investments' global capital and insights with BlueCove's local expertise, we aim to optimise both existing and new hospitality assets across Korea," Kim said.

CPP Investments, headquartered in Toronto, manages the Canada Pension Plan Fund, which totalled C$793.3 billion as of 31 March 2026. BlueCove, founded in 2019, specialises in the Korean hotel market, managing assets like the Grand Hyatt Seoul and Parnass Hotel Jeju

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