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Hotels Are Closing Their Doors: Singapore’s Keppel Acquires the Sindorim Sheraton Hotel, To Be Converted to Offices The hotel industry has been hit hard by the prolongued Covid-19 pandemic. The Korean Hotel Association reports that between January and April this year, hotel reservations were at a mere 45.1%. This means that 55 in 100 hotel rooms have remained empty. While demand for so-called “hogance”, a Korean slang for “hotel vacations”, has risen, this has only raised reservation rates up to the 50-60% range. Social distancing restrictions has made the number of legally available rooms decrease, leaving hotels in a difficult situation. Hotels located in central Seoul are suffering from great […]
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Content Editor, Seoul Property Insight(SPI)
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