E-Land Group mulls selling Kent Hotel in Busan

[Courtesy of Kent Hotel]

E-Land Group, a South Korean conglomerate with operations in fashion, restaurants, and hotels, is weighing a sale of its hotel in Gwangalli, Busan, a move that comes 8 years after the facility opened in 2016.

According to multiple sources on Wednesday, E-Land Park, a hotel and leisure business affiliate of E-Land Group, is reviewing the sale of Kent Hotel. Gwangalli by Kensington.

The sales advisor is KPMG Samjong Accounting Corp.

The hotel is located at a walking distance to Gwangalli Beach, a popular summer vacation destination, enjoying high demand for accommodation.

Its proximity to Gwangan Station on Busan Subway Line 2 also enhances its accessibility.

Market insiders noted that the sale price would reach about 35 billion won ($25.1 million), given its four-star rating and prospects for a rise in the number of travelers in the area.

E-Land decided to review the sale given the high interest from potential buyers.

“We have yet to determine the sale, but we are considering various options,” said an official from E-land Park.