Hanwha Hotels and Resorts has acquired the 5-star hotel and resort 'Paraspala Seoul'. It is reported that the acquisition was led by Kim Dong-seon, vice president of Hanwha Galleria and Hanwha Hotels and Resorts. This move differs from the focus on food and beverage (F&B) new businesses, such as bringing in premium handmade burgers 'Five Guys' and launching the premium ice cream brand 'Benson'.
According to the industry on the 13th, Paraspala Seoul informed major customers through a text message the previous day that "starting August 13, 2025, Paraspala will be reborn as a premium resort brand 'ANTO/安土', redefining wellness within the beauty of nature in partnership with Hanwha Hotels and Resorts," adding, "The rights and benefits of our members will remain unchanged." 'ANTO' is a word combining 安 (peaceful) and 土 (earth).
On this day, Hanwha Hotels and Resorts announced that it has disclosed its subsidiary 'Jeongsangbukhan Resort', which it fully funded, even before the company was included in the group. They invested 29,500 common shares of Jeongsangbukhan Resort for 29.5 billion won. Including the previously invested capital of 500 million won upon acquiring shares, the total cost of the acquisition amounts to 30 billion won. Meanwhile, they decided to inherit the existing liability of 390 billion won from Paraspala Seoul. A representative of Hanwha Hotels and Resorts said, "We have completed the acquisition and merger after receiving board approval today (the 13th)."
Paraspala Seoul is a premium 5-star resort that opened in August 2021. It is located in Uidoong, Gangbuk-gu, Seoul, and is noted for its good view of Bukhansan Mountain. It has 200 subdivided rooms and 130 standard rooms. Before this acquisition and merger, it was operated by Chosun Hotel and Resort. The owner, Jeongsangbukhansan Resort, was fully owned by Park Sang-cheon, representative of Samjeong Enterprise and Samjeong E&C, and related parties.
The acquisition of Paraspala Seoul by Hanwha Hotels and Resorts reflects its strategy for location in the metropolitan area. Hanwha Hotels and Resorts operates 12 resort and lodging facilities at major tourist destinations nationwide. However, there was no 5-star premium resort in the metropolitan area. With this acquisition, it will now own both the 5-star hotel 'The Plaza' and the resort 'ANTO' in Seoul.
This is an opportunity for Vice President Kim, who has faced criticism for neglecting his main business, to shake off industry concerns. The robot udon restaurant 'Yudong', which opened in Jongno-gu, Seoul, in May, closed down after just a month, and the pasta specialty store 'Pasta X', which introduced robot cooking and opened in April last year, also closed down after about a year. In particular, 'Five Guys', which Kim directly brought into the country and drew attention to, came up for sale in the merger and acquisition market just two years after its domestic business began.
Professor Lee Jong-woo of Ajou University Business School noted, "The 'food and beverage business' that Vice President Kim was keen on matched well with the premium trend that was popular at the time, but now, as trends shift to cost performance amid high inflation, it has likely not been successful," adding, "It's about enhancing competitiveness in the main business."
Industry insiders said, "Vice President Kim has focused on the F&B business as a new growth driver, but the results have not been good," and added, "Given this situation, Hanwha Hotels and Resorts is also experiencing negative growth, so it seems likely there's a strong desire to prioritize the main business. The acquisition of Paraspala Seoul is part of that effort."
According to the electronic disclosure system of the Financial Supervisory Service, Hanwha Hotels and Resorts had a cumulative revenue of 750.9 billion won last year, a 2.55% increase compared to the previous year. During the same period, operating profit fell by 41.86% compared to the previous year to 23.8 billion won. In particular, the operating profit in the resort institutional sector switched to a loss, declining from 21 billion won in 2023 to an operating loss of 9.2 billion won last year.
Vice President Kim is reportedly planning a strategy to create synergies in food service, distribution, and resorts by linking OURHOME, which was acquired in May, with Hanwha Galleria and Hanwha Hotels and Resorts.
However, some are concerned that Vice President Kim's continuous acquisitions and business expansions may lead to financial burdens. Indeed, Hanwha Hotels and Resorts acquired 58.62% of OURHOME for about 869.5 billion won, causing the debt ratio to soar to 197.4% in the first quarter this year.
An industry insider noted, "After acquiring OURHOME just three months ago, acquiring Paraspala Seoul inevitably adds financial burdens," and added, "With the debt ratio already having increased, securing financial stability is key." Another industry insider mentioned, "For resorts, it seems possible to secure loans or investments through collateral such as real estate, but until stable revenue is generated, the financial burden will be significant."