Jeju Dream Tower Complex Resort "First Monthly Hotel Operating Profit Turned Positive Last Month"

Jeju Dream Tower Complex Resort.

October Hotel Division Sales 8.2 Billion KRW, Operating Profit 480 Million KRW... First Monthly Profit Turnaround in 10 Months Since Opening
"Expecting Continued Profitability with Nearly Full Occupancy in November"

[Asia Economy Reporter Yuri Kim] Jeju Dream Tower Complex Resort has turned a monthly profit for the first time since its opening.

Lotte Tour Development announced on the 10th that last month, the hotel (Grand Hyatt Jeju) at Jeju Dream Tower Complex Resort recorded sales of 8.2 billion KRW and an operating profit of 480 million KRW. This marks a profit turnaround 10 months after its opening at the end of last year.

The company stated that the hotel's food and beverage division, which operates 14 restaurants and bars, achieved sales of 2.9 billion KRW due to the easing of operating hour restrictions, representing about a 50% increase compared to the average sales of 1.95 billion KRW in the first quarter of this year, contributing to the profit turnaround.

Lotte Tour Development said, "Since mid-October, with the relaxation of social distancing, 100% room occupancy and the gradual return to normal life (With Corona) have led to a surge in demand for group tours and corporate events. The lifting of operating hour restrictions increased sales in the food and beverage division, which quickly impacted the hotel's performance improvement."

They added, "With a room occupancy rate exceeding 90% in November and the With Corona atmosphere, the opening of the second tower on the 29th will bring all 1,600 rooms into operation, and we expect the scale of sales and profitability to expand significantly compared to now."

Meanwhile, Jeju Dream Tower Complex Resort set a record by selling over 71,000 rooms in total across nine home shopping broadcasts, including more than 8,500 rooms sold on Hyundai Home Shopping on the 7th.

This content was produced with the assistance of AI translation services.