[Photo] Business Closed, Equipment Piled Up Inside

As the prolonged COVID-19 pandemic continues to cause financial difficulties for the hospitality industry, furniture remains inside the Sheraton Seoul Palace Gangnam Hotel in Seocho-gu, Seoul, which closed its doors on the 1st. This hotel, the first luxury hotel in Gangnam, originally opened in 1982 as Banpo Palace Hotel. Due to the spread of COVID-19, its sales from the first to third quarters of last year dropped 40% compared to the same period the previous year, recording 16.9 billion KRW, while operating losses surged from 1.9 billion KRW to 8.6 billion KRW. It is reported that real estate developer The Land acquired the hotel for 350 billion KRW and plans to demolish it to develop luxury residential apartments./Reporter Kim Hyun-min kimhyun81@

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