Hanwha Hotels & Resorts, Generation Change After 6 Years... "With Corona, Full-Scale New Business Launch"

[Asia Economy Reporter Yuri Kim] Hanwha Hotels & Resorts has initiated a generational change for the first time in six years. During the ongoing COVID-19 pandemic, Hanwha Hotels & Resorts undertook structural improvements such as business division spin-offs, and now plans to accelerate new business initiatives with a new leader in line with the phased return to normal life (With COVID-19) period.

On the 10th, Hanwha Hotels & Resorts announced that Kim Hyung-jo, head of the Premium (P) Business Division (Executive Vice President, photo), has been promoted to Vice President and appointed as the new CEO. Born in 1968, Kim is regarded as an expert in the resort and leisure sector with extensive experience in domestic and international business and management. He is especially recognized for his strengths in planning and business strategy development. Since joining Hanwha Hotels & Resorts through the 1994 open recruitment, he has held positions such as Planning and Operations Team Leader, Saipan Headquarters Director, Yongin Golf Business Headquarters Director, Head of Business Strategy Office, Head of Strategic Business Division, and Head of P Business Division.

In February last year, Hanwha Hotels & Resorts spun off and sold its Food Service (FC) division, which handled food distribution and catering services. This year, it has further improved its structure by making the Aquarium business division and Food & Beverage (F&B) business division independent, while accelerating new business expansion such as opening new hotels reflecting current trends. With Kim’s official inauguration scheduled for mid-month, new business initiatives are expected to gain momentum.

The company opened the Belmer Hotel in Yeosu, Jeollanam-do last year, featuring ocean-view rooms throughout. In July, it launched the Breed Hotel Yangyang in Jukdo, Yangyang, Gangwon Province, targeting young people who prefer surfing and other marine sports. Next year, starting with East Busan, it plans to introduce a chain brand called 'Hotel Mati?' targeting the MZ generation (Millennials + Generation Z). By 2030, it aims to operate more than 10 chains using an asset-light strategy (developing and then liquidating assets).

Hanwha Hotels & Resorts is also promoting the development of mixed-use complexes equipped with luxury accommodation and content platform facilities, focusing on properties with large-scale business sites such as Seorak, Jeju, and Yangpyeong. Recently, it raised approximately 60 billion KRW through a paid-in capital increase to support this. The mixed-use complex development project is expected to become visible by the end of this year.

In the mid to long term, the company plans to build an integrated online and offline lifestyle platform. To this end, it participated as a strategic investor in the metaverse (extended virtual world) platform Urbanbase last August.