

RSQUARE Research Center (Director Kang-min Ryu) has published the '2024 Hotel Market Report', which presents the current status and outlook of the Korean hotel market. The report comprehensively covers investment, supply, and demand market analysis, along with emerging trends in the hotel industry.
According to the report, the hotel transaction market reached approximately 2.16 trillion won by the third quarter of 2024, showing an increase of about 1.8 trillion won compared to the same period in 2023. The market was notably driven by major transactions of Grand Hyatt Seoul and Conrad Seoul. Premium properties such as Shilla Stay Seodaemun, Four Points by Sheraton Josun Seoul Station, and L7 Hotel Haeundae are currently available in the market, suggesting potential for additional transactions in 2025.
The qualitative growth of the hotel market has become prominent. The supply ratio of 4 and 5-star tourist hotels in Seoul increased to 30% of Seoul's tourist hotels in 2024. The Average Daily Rate (ADR) of 5-star hotels reached a record high of 306,000 won in 2023, while room occupancy rates recovered to over 95% compared to pre-pandemic levels. This is attributed to the combined effect of the Korean Wave and increased demand for luxury hotels.
A notable development is the diversification of hotel revenue structures. According to RSQUARE Research Center, hotels are expanding their auxiliary revenue sources beyond room sales to include dining (F&B), wellness facilities, and cultural experiences. Creating "Instagrammable" spaces targeting the MZ generation and collaborations with local brands have emerged as new trends.
"Workation" has emerged as a new growth driver for the hotel industry. In Busan, the economic impact of workation reached approximately 22.4 billion won over a year and a half, with average spending per user recorded at 1.14 million won. Hotels are actively responding by expanding business centers and developing long-term stay packages.
The expansion of the luxury hotel market is also noteworthy. Maison Delano is set to enter Seoul's Gangnam district in 2026, marking its first Asian location, while Rosewood will open in Yongsan District in 2027. The global luxury resort group Aman's 'Janu' brand is also considering entering the Korean market. Currently operating with 122 rooms in Tokyo's Azabudai Hills, Janu is simultaneously exploring expansion into both Seoul and Jeju.
Regional specialization is becoming more distinct. Busan achieved its highest 5-star hotel occupancy rate of 68.4% in 2023, following the successful establishment of Signiel and Grand Josun. The ADR for 5-star hotels in Busan increased by 35% in 2022 compared to 2019. Jeju is responding to solo traveler demand for budget-friendly travel by increasing its proportion of 1 and 2-star hotels.
The spread of ESG management is also notable. Hotels are implementing sustainable management practices through various methods, including introducing eco-friendly amenities, encouraging voluntary environmental cleanup activities among guests, and contributing to local communities.
RSQUARE Research Center predicts that "the hotel industry is evolving beyond simple accommodation into a lifestyle platform" and that "hotels offering differentiated customer experiences will lead the future market."
목차
Part1. Hotel Industry Overview
Part2. Hotel Transaction Market
Part3. Hotel Supply Market
Part4. Hotel Demand Market
Part5. 2024 Hotel/Resort Trends
Part6. Conclusion
RSQUARE Research Center (Director Kang-min Ryu) has published the '2024 Hotel Market Report', which presents the current status and outlook of the Korean hotel market. The report comprehensively covers investment, supply, and demand market analysis, along with emerging trends in the hotel industry.
According to the report, the hotel transaction market reached approximately 2.16 trillion won by the third quarter of 2024, showing an increase of about 1.8 trillion won compared to the same period in 2023. The market was notably driven by major transactions of Grand Hyatt Seoul and Conrad Seoul. Premium properties such as Shilla Stay Seodaemun, Four Points by Sheraton Josun Seoul Station, and L7 Hotel Haeundae are currently available in the market, suggesting potential for additional transactions in 2025.
The qualitative growth of the hotel market has become prominent. The supply ratio of 4 and 5-star tourist hotels in Seoul increased to 30% of Seoul's tourist hotels in 2024. The Average Daily Rate (ADR) of 5-star hotels reached a record high of 306,000 won in 2023, while room occupancy rates recovered to over 95% compared to pre-pandemic levels. This is attributed to the combined effect of the Korean Wave and increased demand for luxury hotels.
A notable development is the diversification of hotel revenue structures. According to RSQUARE Research Center, hotels are expanding their auxiliary revenue sources beyond room sales to include dining (F&B), wellness facilities, and cultural experiences. Creating "Instagrammable" spaces targeting the MZ generation and collaborations with local brands have emerged as new trends.
"Workation" has emerged as a new growth driver for the hotel industry. In Busan, the economic impact of workation reached approximately 22.4 billion won over a year and a half, with average spending per user recorded at 1.14 million won. Hotels are actively responding by expanding business centers and developing long-term stay packages.
The expansion of the luxury hotel market is also noteworthy. Maison Delano is set to enter Seoul's Gangnam district in 2026, marking its first Asian location, while Rosewood will open in Yongsan District in 2027. The global luxury resort group Aman's 'Janu' brand is also considering entering the Korean market. Currently operating with 122 rooms in Tokyo's Azabudai Hills, Janu is simultaneously exploring expansion into both Seoul and Jeju.
Regional specialization is becoming more distinct. Busan achieved its highest 5-star hotel occupancy rate of 68.4% in 2023, following the successful establishment of Signiel and Grand Josun. The ADR for 5-star hotels in Busan increased by 35% in 2022 compared to 2019. Jeju is responding to solo traveler demand for budget-friendly travel by increasing its proportion of 1 and 2-star hotels.
The spread of ESG management is also notable. Hotels are implementing sustainable management practices through various methods, including introducing eco-friendly amenities, encouraging voluntary environmental cleanup activities among guests, and contributing to local communities.
RSQUARE Research Center predicts that "the hotel industry is evolving beyond simple accommodation into a lifestyle platform" and that "hotels offering differentiated customer experiences will lead the future market."
목차
Part1. Hotel Industry Overview
Part2. Hotel Transaction Market
Part3. Hotel Supply Market
Part4. Hotel Demand Market
Part5. 2024 Hotel/Resort Trends
Part6. Conclusion