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Chairman Park Sung-su |
E-Land Group acquired two major resorts in Saipan, expanding its international corporate hunt from fashion brands to resorts.
The Korean apparel and retail company signed a deal to acquire Pacific Islands Club Saipan and Palms Resort Saipan, but declined to disclose the purchasing prices, citing a confidentiality agreement.
“We cannot talk about the details such as price under a provision on confidentiality,” an E-Land official said.
Run by PIC, a subsidiary of InterPacific Group, PIC Saipan is popular among Korean travelers thanks to its child-friendly water park. Palms Resort, initially opened as Japan’s Nikko hotel, got its present name after it was acquired by United Micronesian Development Association in 2008.
The two resorts, situated in the southern and northern parts of Saipan respectively, were built in the 1980s and are expected to be remodeled.
E-Land will start running PIC Saipan next month when it completes the payment of tens of billions of won.
E-Land Group acquired Highla Condo in 2006 and Corea Condo in 2009, becoming Korea’s No. 3 in the leisure business after Daemyung and Hanwha. E-Land also took over a theme park in Daegu and a company that operates boats on the Han River.
In the fashion business, E-Land has acquired a number of foreign fashion brands in recent years including Italy’s Mandarina Duck, Belfe, Peter Scott and Lario.
By Kim So-hyun (
sophie@heraldcorp.com)
