Hanwha sells Saipan World Resort for $63 million to Korean PEF Pactum

Hanwha Hotels & Resorts has signed a deal worth 90 billion won ($63 million) with Pactum Private Equity to sell its overseas resort operation Saipan World Resort as part of its restructuring efforts to dispose unessential assets.

According to the investment banking industry on Wednesday, Hanwha Hotels & Resorts under Hanwha Group sold Saipan World Resort in Saipan for around 90 billion won to Pactum PE, a Korean PEF selected as a preferred bidder early this year. They signed the sales and purchase agreement (SPA) last month and paid the price this month, according to sources.

Pactum PE created a fund jointly with another small local PEF Bailey Private Equity to finance the deal. It also invited Seolhaeone, a local resort firm operating a high-end resort and country club in Yangyang, Gangwon province, as a strategic investor, as well as NH PE-led blind fund as a financial investor. Seolhaeone expects great synergy with its resort and tourism business from its latest investment in the resort in Saipan.

Hanwha acquired Saipan World Resort from World Construct at 30 billion won in 2009. In 2019, it attempted to sell the premium resort with a convenient location from the international airport to focus on its core businesses. The pandemic has delayed the sale process but it resumed this year following the border reopening.

The buyer, Pactum PE, plans to enhance travel packages, including golf courses, ocean sports, and family-oriented programs, to raise the occupancy rate of Saipan World Resort to the pre-pandemic level of over 100 percent.

The PEF, founded in 2020, manages six portfolio investments worth 560 billion. It is the second-largest shareholder for Kakao VX and Seoul Auction Blue.

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