Robust domestic and international demand have cemented South Korea’s status as one of the top-performing hotel markets in Asia Pacific during the past two years, according to CBRE.
Average daily rates in Korea reached KRW 214,177 ($159) in first quarter 2024, an increase of 43 percent over first quarter 2019, with overall RevPAR 49 percent above the same period. Occupancy as of first quarter 2024 was 2 percent above the same period of 2019.
The luxury and upscale segments are expected to outperform once again during the next six to 12 months, led by assets located in key tourist destinations such as downtown Seoul, Haeundae in Busan, and Jeju Island. With the supply pipeline very limited during the next four years, CBRE expects hotel performance to continue to improve over the period
Other major findings of the latest
