"Foreigners Increase + Remarkable Growth in Jeju" Parnas Hotel, Q3 Performance 'All-Time High'

Cumulative Operating Profit for Q1-Q3 Up 89.5% Year-on-Year

Parnas Hotel has recorded its highest-ever performance in the third quarter of this year.

Grand InterContinental Seoul Parnas Photo by Parnas Hotel.

Parnas Hotel announced on the 8th that its operating profit for the third quarter of this year reached 32.9 billion KRW, a 42.4% increase compared to the same period last year. During the same period, sales rose 20.6% to 125.9 billion KRW. Operating profit increased by more than 10 billion KRW compared to the first quarter (21.5 billion KRW) and second quarter (22.0 billion KRW) of this year. The cumulative operating profit from the first to third quarter recorded 76.4 billion KRW, an increase of more than 89.5% compared to the same period last year.

The hotels operated by Parnas Hotel, including Grand InterContinental Seoul Parnas, InterContinental Seoul COEX, Parnas Hotel Jeju, and Nine Tree Hotel, quickly absorbed foreign guests. This was due to the overall strong growth in the overseas inbound market, including MICE, business trips, and leisure travel. Since early this year, as the inbound MICE market rapidly revitalized, Parnas Hotel proactively took the lead in attracting customers.

The proportion of foreign guests at Grand InterContinental Seoul Parnas and InterContinental Seoul COEX increased by an average of about 15 percentage points compared to the previous year. Due to market characteristics, the proportion of foreign guests at Parnas Hotel Jeju, which generally remained around 10%, also increased to 20% during the summer peak season. Accordingly, Parnas Hotel's room revenue in the third quarter jumped more than 31.3% compared to the previous year.

Parnas Hotel Jeju, which opened at the end of July last year, showed remarkable performance growth over one year. In the third quarter of this year, Parnas Hotel Jeju's sales increased by 66.6% and operating profit by 420% compared to the same period last year. Even in Seogwipo Jungmun, a fiercely competitive area for Jeju luxury hotels, it was chosen by high-spending free independent travelers (FIT) due to its location closest to the sea, nine types of rooms all with terraces, and the longest infinity pool in Korea. Nine Tree Hotel's third-quarter sales also increased by more than 66.6% this year, with operating profit rising by 145%.

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