Hanwha Hotels & Resorts to Spin Off Equestrian Business Division and Securitize 103.5 Billion KRW in Assets

Jade Palace Golf Course, Jade Garden Arboretum, Jirisan Hanwha Resort, and Others Transferred to Hanwha Solutions

[Asia Economy Reporter Kim Yuri] Hanwha Hotels & Resorts is spinning off its equestrian business division and transferring assets worth 103.5 billion KRW to Hanwha Solutions, embarking on a strategy of 'selection and concentration.'

On the 17th, Hanwha Hotels & Resorts announced that it will spin off the equestrian business division (Premium Leisure Business Division) and establish a new company tentatively named Hanwha Next. The corporation establishment date is May 1. Jung Tae-hee was appointed as the CEO of the spun-off company. CEO Jung is a Hanwha Group public recruitment alumnus who has handled overseas sales in the US and Europe.

The company plans to separate the equestrian business into an independent corporation, similar to the establishment of Aqua Planet and The Tastable corporations in April and July last year. The company explained, "The establishment of the corporation through this spin-off is to separate the equestrian business, which has low relevance to Hanwha Hotels & Resorts' existing businesses, and build an independent professional management system according to the 'selection and concentration' business strategy." They added, "Through this, we aim for all businesses to develop into companies capable of sustainable growth."

Along with this, Hanwha Hotels & Resorts is securitizing assets worth a total of 103.5 billion KRW to actively promote new businesses such as the Seorak complex development project targeted for 2024. Hanwha Hotels & Resorts announced that it will transfer the Chuncheon Business Headquarters golf course (Jade Palace Golf Course) and Jade Garden Arboretum operation business to Hanwha Solutions for 61.485 billion KRW. The Jirisan Hanwha Resort, which ceased operations in March and was seeking new business opportunities, was also transferred to Hanwha Solutions for 10.424 billion KRW.

Shares of three overseas affiliates, including Japan's GK Summit Apollo Eleven, were also transferred to Hanwha Solutions for 31.634 billion KRW. These shares relate to the development project of the Japan Mattie Niseko Resort. Hanwha Hotels & Resorts stated, "(For projects such as the Seorak complex development,) we secured priority new investment funds and focused on the 'selection and concentration' of businesses." They explained, "Through this transfer, cash liquidity will be secured, leading to an improvement in the financial structure."

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