Lotte GRS Signs Business Agreement for Development of Jungbu Hanam Dream Complex Rest Facility

On the 6th, Cha Woo-chul, CEO of Lotte GRS (right in the photo), and Lee Chang-bong, Head of the Innovation Growth Headquarters at Korea Expressway Corporation (left), held a signing ceremony for the development project of the Hanam Dream Transfer-type Complex Rest Area at the Korea Expressway Corporation headquarters located in Gimcheon, Gyeongbuk, and took a commemorative photo. Photo by Lotte GRS

[Asia Economy Reporter Moon Hyewon] Lotte GRS announced on the 7th that it will expand its concession business area, which involves attracting and managing multiple food and beverage brands in multi-use facilities such as airports and hospitals.

On the previous day, Lotte GRS held a private investment attraction agreement ceremony for the development of the transfer-type complex rest facility at Hanam Dream Service Area on the Jungbu Expressway at the Korea Expressway Corporation headquarters in Gimcheon, Gyeongbuk.

The Hanam Dream Service Area on the Jungbu Expressway is a rest facility installed as an overpass-type structure at the 364 km point from Tongyeong on the Jungbu Expressway. With an average daily traffic volume of about 150,000 vehicles in 2020, it is an overpass-type rest area where both the up and down lines can use the rest facilities.

Lotte GRS plans to provide food and beverage facilities utilizing the structural characteristics of the overpass-type rest area, sales facilities based on the geographical location of Hanam City, themed facilities such as a kids’ theme park and sky plaza, as well as convenience facilities including passenger and transfer transportation services. A consortium of four companies including Dongbu Construction, Shinhan Bank, KH Energy, and Lotte GRS will participate as the project implementer. Through approximately 30% equity investment, they aim to open in 2027 and will operate the Hanam Dream Service Area transfer-type complex rest facility for the next 25 years.

At the agreement ceremony, CEO Cha said, “As the project implementer for the private investment attraction of the Hanam Dream Service Area on the Jungbu Expressway, Lotte GRS will review excellent cases through overseas benchmarking and market research and do its best to operate and manage the best rest area business site in Korea based on close cooperation with the consortium companies.” He added, “Through this business agreement ceremony, we will continue to strengthen our capabilities to enhance corporate value by expanding various concession business areas and strengthening our business portfolio.”