South Korean Hotel Rates Surge 43%
Skift Take
In the first quarter of 2024, South Korea’s hotel industry saw significant growth in average daily rates and RevPAR, driven by key tourist destinations, but investment activity remained subdued despite limited future supply and expected continued success in luxury and upscale segments.
In the first quarter of 2024, South Korea’s average daily rates surged to KRW 214,177. That was up 43% from 2019. RevPAR was up 49% from the pre-pandemic days with occupancy rates up by 2 points. CBRE said they expect luxury and upscale hotel segments to be poised for continued success over the next six to 12 months with key tourist destinations such as downtown Seoul, Haeundae in Busan and Jeju Island expected to lead the group. CBRE said there is a limited supply in the pipeline for the next four years, something that will drive improved existing hotel performance. CBRE said that despite significant improvements in hotel performance, investment activity has remained subdued.
The Vietnam National Administration of Tourism said in the first quarter of 2024, Phu Quoc, known as Pearl Island, witnessed an increase in international tourist arrivals of over 200% compared to the same period last year. Tourists from Taiwan and South Korea were the main contributors. The number
