Pyeongchang Alpensia, developed by KH Gangwon for 710 billion won
Alpensia, finding a new owner after 10 years, “Efforts to form a dedicated team and stabilize employment”
[Seoul=Australia Break News Reporter Yoon Bo-mi]
◈August 23 Finalization of transfer/acquisition contract On the 24th, Pyeongchang
Alpensia Resort found a new owner after 10 years of trying to sell it. The final successful bidder is KH Gangwon Development Co., Ltd. (hereafter KH Gangwon Development), a subsidiary invested by KH Phillux (3,390 won ▼ 85 –2.45%) and KH Electron (111870), and the winning bid price is 710 billion won. Alpensia Resort in Pyeongchang, Gangwon-do, is a symbolic attraction where the 2018 Winter Olympics were held.
Gangwon-do and Gangwon-do Development Corporation announced the final bid for the public sale of Alpensia Resort at 10 a.m. on the same day at the Gangwon Provincial Office meeting room. The final successful bidder, KH Gangwon Development, signed a basic agreement on the transfer and acquisition of Alpensia Resort.
KH Gangwon Development is a special purpose corporation established by KH Phillux, a lighting, bio, real estate development company, to participate in this open competitive bidding. KH Phillux is a place that participated as a major investor (LP) in Inmark Private Equity Limited, which acquired the Grand Hyatt Seoul Hotel in Namsan, Seoul in 2019.
The final winning bid is 710 billion won. The bidding was conducted in such a way that the bidder with the highest bid was awarded. Initially, the sale price of Alpensia amounted to 1 trillion won, but after five open bids, it fell to 700 billion won. KH Gangwon Development recently received a 30 billion won loan from KH Phillux to pay the bid deposit for Alpensia Resort.
Woo-geun Han, CEO of KH Gangwon Development, said, “The Alpensia Resort is located at an altitude of 700m above sea level where there is no yellow dust and fine dust compared to other areas, and it is the best place for the human body’s biological rhythm. We will strengthen the resort to become the best resort in Korea.” He said, “In addition to two golf courses, the 45-hole Alpensia CC and 700GC, which are prestigious golf clubs, we plan to build additional golf courses, outdoor swimming pools and ice rink facilities.” did.
In addition, “After developing an idle land of 116,000 pyeong and purchasing an additional 400,000 pyeong of adjacent land, we will attract outlets in connection with existing resorts and develop a new concept animal and plant theme park, Alps theme village, etc.” “Three generations of families We plan to create a four-season resort where you can enjoy and heal,” said Alpensia Resort’s rainbow-colored plan.
In particular, regarding employee succession, CEO Han said, “We will do our best to stabilize employment through 100% employment succession of Alpensia employees, and we will create a pleasant workplace through mutual dialogue and harmony between labor and management.” Through many dialogues, we will do win-win management that makes both employees and the company happy, and we will create quality jobs for Gangwon-do residents and Pyeongchang-gun residents, contributing to regional development and revitalization of the local economy.”
To this end, Gangwon-do Development Corporation decided to form a dedicated team for Alpensia transfer and takeover, and to support Alpensia Resort's due diligence and main contract as much as possible. In addition, the company plans to repay the debt as soon as possible after the sale is completed and concentrate on the original work of the construction, such as industrial complex development, public housing construction, and discovery of new profitable businesses.
▲Governor Moonsoon Choi (from left), Woo-geun Han, CEO of KH Gangwon Development, and Man-hee Lee, president of Provincial Development Corporation, are taking a commemorative photo after signing the agreement at the signing ceremony of the transfer/acquisition agreement and the announcement of the bidding results for Alpensia Resort held at the Gangwon Provincial Office in Chuncheon-si, Gangwon-do on the 24th.
Alpensia Resort is a comprehensive resort built in 2009 on a land of 4.91 million square meters in Daegwallyeong-myeon, Pyeongchang-gun, Gangwon-do to host the Pyeongchang Olympics. It consists of a golf course, a ski resort, a hotel, a condo, and a luxury villa.
It was originally a 1.2 trillion won project. However, in the aftermath of increased project costs due to frequent design changes and failure to sell resorts, the company owed more than 1.4 trillion won in debt. The remaining debt alone is 700 billion won.
Alpensia first started the sale in 2011 under an executive order from the Ministry of the Interior and Safety. After that, four attempts were made to bid, but each time was unsuccessful.
This sale is the first in 10 years. Gangwon-do Development Corporation started with the first public bidding on October 30 last year, followed by private contracts and the second, third, and fourth announcements until early March of this year. However, this was the first time that a place that actually paid a deposit for participation in the bid appeared in the 5th announcement.
Based on the results of this successful bid, the two sides plan to negotiate a contract with the main company and complete all contracts for the transfer and acquisition of Alpensia Resort by August 23rd.
Choi Moon-soon, Governor of Gangwon-do, said, "I am delighted that the sale of Alpensia was completed, and I would like to thank KH Gangwon Development for its investment and interest in Alpensia, the representative resort of Gangwon-do."
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