KH Gangwon Development Pursues Acquisition of Alpensia Resort

[Asia Economy Reporter Hyungsoo Park] KH Philux and KH Electron jointly invested in KH Gangwon Development, which announced on the 24th that it has been finally awarded the bid for the sale of Pyeongchang Alpensia Resort.

A basic agreement for the transfer and acquisition of Alpensia Resort was signed at the Gangwon Provincial Government Office. KH Gangwon Development was so determined to acquire the resort that it participated from the first round of bidding. Over the past year, significant efforts were made in terms of manpower and costs for acquisition preparation and development planning.

Han Woo-geun, CEO of KH Gangwon Development, said, "The location of Alpensia Resort has significantly less yellow dust and fine dust compared to other regions," adding, "We will strengthen the existing resort business and develop it into the best resort in South Korea."

He continued, "In addition to the prestigious 45-hole Alpensia CC and the two 700GC golf courses, we plan to build additional golf courses, an outdoor swimming pool, and an ice rink facility."

He also emphasized, "We will develop 116,000 pyeong of idle land and purchase an additional approximately 400,000 pyeong of adjacent land, then attract outlets linked with the existing resort," adding, "We will create a four-season resort where the whole family can enjoy and heal by developing a new concept animal and plant theme park and an Alps-themed village."

Regarding the succession of employment for executives and staff, CEO Han said, "We will do our best to stabilize employment through 100% employment succession of Alpensia employees," and "Labor and management will create a pleasant workplace through mutual dialogue and harmony."

KH Gangwon Development has acquired Alpensia Resort and established a strategy to generate profits by offering differentiated premium services under the theme of a ‘complex shopping and cultural space where everything can be resolved in one place,’ setting it apart from other resorts.

They expect significant profits by purchasing and developing adjacent land. The KH Group, to which KH Gangwon Development that acquired Alpensia Resort belongs, acquired the Grand Hyatt Seoul in 2019. With assets totaling approximately 2 trillion won, they are confident in mobilizing sufficient financial resources for the acquisition of Alpensia Resort.

This content was produced with the assistance of AI translation services.