Ananti, 97 Billion PF for Nonhyeon-dong Hotel 'Ananti Gangnam'

[Asia Economy Reporter Lim Jeong-su] Ananti, a company specializing in hotel and resort development, has raised 97 billion KRW in development funds for the Gangnam hotel (Ananti Gangnam) project. Ananti has selected Shinsegae Construction as the contractor to build the hotel on the site in Nonhyeon-dong, Gangnam. Despite difficulties in the hotel business due to COVID-19, Ananti is continuously undertaking hotel development projects domestically.

According to the investment banking (IB) industry on the 25th, ‘Ananti Gangnam PFV’ will sign a project financing (PF) loan agreement worth 97 billion KRW with a lending consortium including Mirae Asset Securities the following day. Ananti Gangnam divided investors into senior and subordinated tranches with 70 billion KRW in senior debt and 28 billion KRW in subordinated debt, prioritized by collateral and repayment order. The loan term is three years, with a lump-sum principal repayment at maturity.

Ananti Club Seoul Swimming Pool.

Ananti Gangnam PFV is a project finance company established to build a hotel at 74-7 Nonhyeon-dong, Gangnam-gu, Seoul. Ananti invested 76.09% (100% of common shares) to establish it. Mirae Asset Capital and Equion Capital invested in voting preferred shares with 19.57% and 4.35% stakes, respectively.

Ananti Gangnam PFV will use the raised funds to develop the Ananti Gangnam Hotel with a total floor area of 16,436㎡ on six parcels including 74-7 Nonhyeon-dong, Gangnam-gu. Shinsegae Construction was selected as the contractor and is scheduled to complete construction by February next year. If the contractor fails to fulfill the responsibility for completion permits and other obligations, Ananti Gangnam PFV will bear the loan repayment obligations instead.

Despite the challenges in the hotel business due to COVID-19, Ananti continues its hotel development projects. At the end of last year, it began construction of Ananti Gangnam and plans to develop ‘Village de Ananti,’ a resort facility twice the size of the existing Ananti Cove in Busan.

Additionally, Ananti is entering the domestic shared office market by developing ‘Cabinet de Eternal Journey,’ a shared office in Nonhyeon-dong, Gangnam, Seoul.