KH Group Pays for Alpensia Acquisition... "Developing into a World-Class Resort"

[Asia Economy Reporter Hyungsoo Park] KH Group is acquiring the Pyeongchang Alpensia Resort and starting investments for the development of the Gangwon-do region.

On the 18th, according to KH Group, the special purpose corporation KH Gangwon Development will pay 730.8 billion KRW to Gangwon-do Development Corporation for the sale of Alpensia Resort and legally transfer ownership rights. KH Gangwon Development signed the Alpensia transfer contract with Gangwon-do Development Corporation at the end of August last year.

KH Gangwon Development includes hotels such as InterContinental and Holiday Inn, as well as condos, water parks, ski resorts, and golf courses.

Alpensia Resort was a famous destination visited by people worldwide during the 2018 Pyeongchang Winter Olympics. Located at an altitude of 750m in Daegwallyeong, Gangwon-do, it offers a pristine natural environment. KH Gangwon Development plans to renovate Alpensia Resort into a world-class vacation destination. KH Group focuses on enhancing synergy effects through its affiliates. It has business know-how in real estate development through its comprehensive construction company KH E&T.

KH E&T acquired a newly constructed office building in Madrid, Spain, for 240.6 billion KRW and signed a 15-year lease contract with ING Bank, generating a stable annual return of 10%. It also made profits by investing in the NH Investment & Securities building in Yeouido.

KH Philux has experience in housing development projects such as Sangji Kyleum, a luxury villa in Dogok-dong, Seoul. It acquired and operates the Grand Hyatt Hotel Seoul since 2019, achieving operational success. Last year, it sold the parking lot site of the Grand Hyatt Hotel Seoul for 200 billion KRW. Through the comprehensive entertainment company IHQ, Alpensia Resort can be utilized for variety shows and dramas.

With Alpensia Resort finding a new owner after 11 years, expectations for the development of the Gangwon-do region are also growing.

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