Returned Foreigners... Parnas Hotel Achieves Record First Quarter Performance

Large-scale MICE and Big Wedding Demand Increase
Business-class Nine Tree Hotel Operating Profit Up 296%

Parnas Hotel achieved its 'highest quarterly performance ever' in the first quarter of this year.

On the 10th, Parnas Hotel announced that its operating profit for the first quarter of this year surged 2.4 times to 21.5 billion KRW compared to 8.9 billion KRW in the same period last year. During the same period, sales reached 97.3 billion KRW, a 58.5% increase from 61.4 billion KRW in the previous year. The hotel stated, "We exceeded our target of 85.1 billion KRW by 12.2 billion KRW."

Grand InterContinental Seoul Parnas exterior view
[Photo by Parnas Hotel].

In the first quarter of this year, Parnas Hotel saw balanced growth across all sectors including rooms, food and beverage, and leasing. In particular, the expansion of MICE (Meetings, Incentives, Conventions, and Exhibitions) and wedding demand was credited for driving strong performance. With the endemic phase (periodic outbreaks of infectious diseases) and a surge in large-scale event demand, the event and wedding sales at Grand InterContinental Seoul Parnas and InterContinental Seoul COEX increased by more than 75% compared to the same period last year. While last year’s 'With Corona' situation was dominated by small weddings and small-scale events, this year has seen an explosion in pent-up demand for large-scale events and weddings.

As overseas travel resumed and the influx of foreign tourists accelerated, the sales growth of Nine Tree Hotel, Parnas Hotel’s premium business hotel brand, also had an impact. The proportion of foreign guests at Nine Tree Hotels located in Seoul’s Myeongdong, Dongdaemun, Insadong, and Gyeonggi Pangyo areas significantly increased with the onset of the endemic, recovering to pre-COVID-19 levels already in the first quarter. Nine Tree Hotel’s total sales in the first quarter increased by 107% compared to the same period last year, and operating profit grew by 296%. With the opening of 'Nine Tree Premier Locus Hotel Seoul Yongsan' last month, it is expected to set a new record for the best performance this year.

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