Parnas Hotel Posts Operating Profit of 70.9 Billion Won Last Year... Largest Since Founding Beyond COVID-19

Sales of 369.4 Billion KRW, Operating Profit of 70.9 Billion KRW
Operating Profit Up Over 10% Compared to Pre-COVID-19
Driven by Specialized Large-Scale MICE Events and Weddings

Grand InterContinental Seoul Parnas Photo by Parnas Hotel.

Parnas Hotel recorded its highest performance since its establishment last year.

Parnas Hotel announced on the 22nd that it achieved sales of 369.4 billion KRW, operating profit of 70.9 billion KRW, and an operating profit margin of about 20% last year. Sales and operating profit increased by 70.9% and 1816.2%, respectively, compared to the same period last year. Compared to 2019 (sales of 305.6 billion KRW, operating profit of 64.3 billion KRW), sales and operating profit increased by 20.9% and 10.3%, respectively, surpassing pre-COVID-19 levels. Parnas Hotel, which turned from an operating loss of 17.4 billion KRW in 2020, the year most affected by COVID-19, to an operating profit of 3.7 billion KRW in 2021, achieved its highest operating profit of 70.9 billion KRW last year.

Parnas Hotel operates a total of eight hotels in Korea, including the Grand InterContinental Seoul Parnas and InterContinental Seoul COEX located in Samseong-dong, Gangnam-gu, Seoul; the luxury resort-style Parnas Hotel Jeju, launched as an independent brand in July last year; and Nine Tree Hotels in key metropolitan areas such as Myeongdong, Insadong, Dongdaemun, and Pangyo. It also operates Parnas Mall, a premium complex shopping and cultural space; Parnas Tower, a top-grade office building with international prime standards; and Sunflower International Village, a residence hotel in Haiphong, Vietnam.

Last year’s results were analyzed as a consequence of the revival of demand for MICE (Meetings, Incentives, Conventions, and Exhibitions), large-scale weddings, and international business trips following the lifting of social distancing measures in the first half of the year. The location at the center of the COEX MICE Cluster (CMC), Seoul’s largest grand ballroom accommodating up to 1,160 people, experience in hosting large international events such as the ASEM Summit and G20, and the renovation of all rooms at InterContinental Parnas in 2021 were evaluated as competitive advantages.

In July last year, Parnas Hotel launched its first 5-star independent brand, Parnas Hotel Jeju, in Jungmun, Jeju, entering the fiercely competitive premium hotel market in Jeju. It strengthened its positioning as a high-end travel destination through partnerships with high-end brands such as Bulgari and BMW. Parnas Hotel Jeju is located closest to the sea within the Jungmun Tourist Complex, where luxury hotels are concentrated, and features the longest 110-meter outdoor heated infinity pool among domestic hotels, a premium all-day restaurant, ocean-view bar, and lounge.

Ye In-chang, CEO of Parnas Hotel, said, "This year, we will introduce a total lifestyle space that provides customers with comprehensive premium services and experiences," adding, "Through this, we will meet the increasingly diverse needs of our customers."

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