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KH Gangwon Development signed an agreement with Gangwong Province to acquire the Alpensia Resort in PyeongChang, which served as the main location for the 2018 Winter Olympics, for 710 billion won.
The deal is scheduled to be finalized by Aug. 23, after due diligence.
Alpensia Resort's facilities include a ski resort, water park, golf club, and hotel, which were used as outdoor sports venues, media centers, and offices of the International Olympic Committee during the games.
KH Gangwon Development, a special purpose company of KH Group, has prepared to acquire the resort over the last year.
Han Woo-geun, CEO of KH Gangwon Development, said the company would enhance the property to make it the country’s top resort. He noted that it is located in a cleaner region and is 700 meters above sea level, making it excellent for the circadian rhythm.
Among the company's plans is to build another golf course, to bring the resort's total to three.
It would also add an outdoor swimming pool and ice rink, develop some 383,000 square meters of idle land, and purchase an additional 1.3 million square meters for a shopping mall, theme park, and village.
KH Group, the owner of electronics parts maker KH Freelux, has about 2 trillion won in assets. It bought Grand Hyatt Seoul in 2019.
Gangwon Province, which has 772.8 billion won in debt, has tried to sell the resort numerous times to improve its financial soundness.
