Parnas Hotel & Resort Achieves Record Quarterly Operating Profit of 24.4 Billion Won in Q1

Westin Seoul Parnas Achieves Operating Profit Within Two Quarters of Opening

Revenue Surges 39% to 128.6 Billion Won

Parnas Hotel & Resort achieved its highest-ever quarterly performance in the first quarter of this year, driven by the successful market positioning of Westin Seoul Parnas and balanced growth across its key business segments.

On May 15, Parnas Hotel & Resort announced that its operating profit for the first quarter reached 24.4 billion won, a 53% increase compared to the same period last year. Revenue for the same period rose by 39% to 128.6 billion won.

The company explained that Westin Seoul Parnas, which opened in September last year, has rapidly stabilized its operations, thereby fueling overall performance growth. Even compared to the first quarter of 2024, before operations were suspended for hotel remodeling, total company revenue increased by approximately 17%.

The Westin Seoul Parnas Corner Suite. Parnas Hotel and Resort

Westin Seoul Parnas recorded 31.7 billion won in revenue and 200 million won in operating profit in the first quarter of this year. The hotel turned an operating profit within just two quarters since its opening in September last year. Its room occupancy rate also rose from 71.9% in the fourth quarter of last year to 73.0% in the first quarter of this year.

Grand InterContinental Seoul Parnas reported first-quarter revenue of 46.7 billion won and operating profit of 9.2 billion won, up about 3% and 10%, respectively, from a year earlier. Its room occupancy rate also climbed by 1.9 percentage points year-on-year to 82.6%.

Parnas Hotel Jeju posted revenue of 9.4 billion won in the first quarter. Although room occupancy slightly declined year-on-year due to partial room closures for balcony and outdoor pool upgrades that lasted about two months, revenue still increased by about 1% compared to the same period last year.

Nine Tree by Parnas recorded first-quarter revenue of 22.3 billion won and operating profit of 4.3 billion won, representing year-on-year increases of approximately 13% and 34%, respectively. In particular, the share of foreign guests rose from 61% to 69% year-on-year, fueled by increased inbound tourism demand driven by the global popularity of K-pop and other Korean Wave content. The proportion of Chinese guests also increased from 9% to 15%, while the number of visitors from North America and Europe continued to rise, reflecting a broadening of global tourism demand.

A representative from Parnas Hotel & Resort stated, "Westin Seoul Parnas achieved rapid operational stabilization and profitability shortly after opening, while Grand InterContinental Seoul Parnas, Parnas Hotel Jeju, and Nine Tree by Parnas also recorded balanced growth across their major hotel businesses, leading to the highest-ever first-quarter performance. Moving forward, we will continue to respond proactively to expanding global tourism demand and evolving customer trends, strengthening our premium customer experience and digital service competitiveness to further solidify our position as Korea's leading hospitality company."

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