Hanwha Group to merge three leisure units

By Nam Kwang-sik
SEOUL, Nov. 30 (Yonhap) -- South Korea's Hanwha Group said Monday it plans to
merge its three leisure units into one company to boost its competitiveness in
the leisure market.

Hanwha Group will merge Hanwha Resort Co. and Seoul Plaza Hotel on December 1,
while it will incorporate the food and beverage division and culture division of
Hanwha 63 City Corp. into Hanwha Resort on December 15, the group said.
The merged entity, named Hanwha Hotels & Resorts, will become a tourism company
with sales of 620 billion won (US$534.5 million) and assets of 1.43 trillion won,
Hanwha Group said.
The new company will take over World Resort Saipan, a hotel on the island, the
group said.
Hanwha also will spend a total of 1.21 trillion won to build a golf course and
resort in Taean, a city in the southwestern part of the country, by the first
half of next year and remodel its 12 resorts in South Korea by 2014.
ksnam@yna.co.kr
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