Alpensia seeks foreign investment

2018 Winter Olympics venue aiming to become winter sports hub

By Lee Hyo-sik

Alpensia Resort, the main venue of the 2018 Winter Olympics, is making an all-out effort to attract investments from overseas to emerge as a new winter sports Mecca in Asia, its CEO said.

In an interview with The Korea Times, Kim Sang-kab, CEO of Gangwondo Development Corp., which owns and operates the resort in PyeongChang, Gangwon Province, said he is in talks with several foreign investors interested in acquiring a stake in Alpensia Resort or managing it.

``Currently, multiple Chinese investors have shown interests in investing in the resort. Additionally, a couple of resort operators in North America are sounding out their intention to invest. Given the surging number of Chinese visitors, we think it would be better if Chinese capital takes over and manages Alpensia,’’ Kim said. ``Additionally, professional hospitality managers will do a much better job than us in managing the resort. Privatizing it makes sense in all business aspects.’’

The CEO said he seeks to dispose of a 50-percent stake to private investors until the 2018 Winter Olympics. ``After we successfully host the games, we would like to turn Alpensai into a 100-percent private entity.’’

The resort has been facing severe financial hardship over the years as it fails to sell the vacation homes built along its golf course and the condominiums, following the real estate bubble bursting in 2008. The majority of housing facilities still remain unsold.

``The provincial government borrowed huge amounts of money from banks to construct Alpensia. To pay off the debts, we need to sell vacation houses and other facilities up for sale. We are forced to pay the substantial amounts of money each month in interest,’’ Kim said.

While making the sales pitch to foreign investors, the CEO is asking local firms that will benefit from Korea’s hosting of the 2018 Winter Olympics to purchase unsold condominiums.

``Gangwon Province took huge risks by financing the construction of Alpensia Resort on its own in order to win the Olympic bid. In this regard, I do not think it is too much to ask corporate beneficiaries here to shoulder some of the costs,’’ Kim stressed.

The CEO then said for Alpensia to become a winter sports and tourism hub, a large-scale foreigner-only casino should be built. ``To attract Chinese tourists, we need to have everything they are looking for at Alpensia. On top of golf courses, ski slopes and other leisure facilities, a casino is a must-have,’’ he said.

Alpensia; 2018 Winter Olympics main venue

The opening and closing ceremonies of the 2018 games will be held at a stadium built inside the resort, while a wide range of sports events, including the ski jump and biathlon, will take place throughout its facilities.

Alpensia Resort, built on nearly 4.9 million square meters of land, opened its doors in July 2009 in preparation for Korea’s bidding to host a Winter Olympics.

In 2018, it is expected to host the biathlon, ski jump and cross country at venues that have already been built. Additionally, the competition sites for the bobsleigh, luge, skeleton and freestyle skiing and snowboard events will be newly constructed.

Ahead of the games, a high-speed train will be built by 2017 to link Incheon International Airport and PyeongChang. Also, the second Yongdong Expressway linking Seoul and cities in Gangwon Province will be constructed, which will significantly improve access to Alpensia from all over the country.

Sports facilities & accommodation

Alpensia Resort currently operates several world-class sports facilities for biathlon, cross-country skiing and ski jumps, which all meet international standards and are sophisticated enough to host the Olympics.

Its biathlon stadium hosted the biathlon world cup in 2008 and the biathlon world championship in 2009.

The ski jumping tower, recognized as one of the most superior facilities in the world, was the site for the ski jump continental cup in 2009. The tower is also a perfect observatory offering visitors a breathtaking view of Alpensia and the nearby mountain areas.

The Alpensia Stadium sits at the centre of the resort, which is capable of accommodating nearly 16,000 people.

Aside from professional sports facilities, the resort also offers a range of fun facilities for vacationers. Alpensia features wide and gentle ski slopes for amateur skiing and snowboarding.

Alpensia Estate, a stay-style golf course development built on 1.9 square kilometers of land has 268 units and a 27-hole course, called Alpensia Troon Country Club.

There is another 18-hole public golf course, Alpensia 700 Golf Club, which was built on the concept obtained from prestigious greens around the world.

There are three high-end, luxury lodging facilities in Alpensia Resort, offering vacationers everything they need to relax and be pampered.

InterContinental Alpensia PyeongChang Resort is the country’s first five-star hotel constructed inside a ski resort. With an accommodation capacity of 238 rooms, the hotel spa and other customer-oriented service facilities provides guests with true comfort.

Holiday Inn Resort Alpensia PyeongChang is another five-star hotel in the resort. The hotel offering 214 rooms is interconnected with Alpensia Convention Center and a spa facility. Lastly, Holiday Inn & Suites Alpensia PyeongChang Condominium is a complex of condominiums located at the center of Alpensia. The complex has 419 rooms on the third to seventh floor with luxurious retail shops on the first floor.