Seoul to see over 4,000 new luxury hotel rooms by 2030

The Mercure Hotel and Pullman Gwangjin are some notable projects.

According to a JLL report, a reduction of hotel rooms in Seoul in 2021 and 2022, coupled with limited future supply, is anticipated to create a favourable supply-demand dynamic for the short to mid term.

“The pipeline is concentrated with luxury products, with over 4,000 rooms slated to open by 2030. Notable additions include Mercure Hotel (400 keys) and Pullman Gwangjin (182) in 2025, and Maison Delano (83) and Rosewood (250) in late 2027,” the report said.

Here’s more from JLL:

Seoul’s hotel recovery is picking up momentum, with YTD September 2024 RevPAR increasing 14% from the same time last year, surpassing 2019 levels by more than 20%.

In particular, the Luxury and Upper-Upscale segment continues to reach new record highs, indicating robust market performance.

Outlook:The successful Conrad transaction reinvigorates the hotel investment market

International visits will surpass full recovery levels, driven by pent-up demand from Chinese tourists. Luxury and Midscale segments project robust growth, though medium-term expansion may moderate due to global economic factors.

Hotel investment rebounds as more international investors pursue value-added opportunities in Seoul. Strong interest in Seoul’s market reinforces a positive outlook for the sector.