Published : Aug. 22, 2021 - 17:13
KH Group, which last week signed a deal to take over the alpine resort Alpensia, vowed to turn the main venue of the 2018 Winter Olympics into a bustling global tourist attraction by building new facilities.
“The due diligence and term negotiations went smoothly and we finally inked the asset takeover deal,” said Han Woo-geun, CEO of KH Gangwon Development, a special-purpose company created for the bid.
“On top of the existing resort facilities, we will build new multiuse cultural complexes, premium residential facilities and more to make Alpensia a global resort,” he added.
Han Woo-geun (left), CEO of KH Gangwon Development, and Gangwondo Development Corp. CEO Lee Man-hee pose for a photograph after signing the Alpensia deal. (KH Group)
The deal on Friday came nearly two months after the property developer was chosen as the preferred bidder for the alpine resort, built in 2009 in rugged Pyeongchang, Gangwon Province. Local media put the amount at 711 billion won ($605 million).
Alpensia currently consists of a ski resort, a golf club, a water park and a hotel.
During the due diligence period, KH Group inspected and reviewed various aspects of the resort, not just its financial status but also the physical condition of the property. KH’s development plans for Alpensia have been adjusted accordingly.
With its accumulated know-how in resort development and a pool of experts in various fields, the group will set out to equip Alpensia with new facilities to draw more visitors all year around, not just during the ski season, KH Group said.
Plans are underway to hold a public design competition for the new Alpensia, it added.
“Through a harmonious relation with workers, we will make Alpensia a happy workplace and we will do our best to return the vigor of the Olympic days and make it a new landmark of Gangwon Province,” Han said.
By Korea Herald (
koreaherald@heraldcorp.com)