"Record-Breaking Performance" Parnas Hotel Surpasses 100 Billion KRW in Operating Profit

Parnas Hotel recorded an all-time high performance by surpassing 100 billion KRW in operating profit for the first time since its establishment.

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According to Parnas Hotel on the 7th, last year's sales amounted to 482.2 billion KRW, and the operating profit margin was about 21%, recording 103.2 billion KRW. Compared to the previous year, sales increased by more than 30%, and operating profit rose by more than 45%.

Parnas Hotel operates a total of nine hotels domestically, including the Grand InterContinental Seoul Parnas and InterContinental Seoul COEX located in the heart of Gangnam, Seoul, the luxury resort hotel Parnas Hotel Jeju, and premium business hotels Nine Tree Hotels located in key areas of Seoul and the metropolitan area such as Myeongdong, Insadong, Dongdaemun, Pangyo, and Yongsan. In addition, it has steadily expanded its business scope as a global comprehensive premium lifestyle company by operating Parnas Mall, a premium complex shopping and cultural space, Parnas Tower, a top-tier office building with international prime grade standards, and the residence hotel Sunflower International Village located in Haiphong, Vietnam.

Last year, Parnas Hotel saw balanced growth in sales across all hotel sectors including rooms, food and beverage, and banquets. Room sales showed the most explosive improvement, increasing by about 50% compared to the previous year. This is attributed to the revival of the overseas inbound market such as MICE (Meetings, Incentives, Conventions, and Exhibitions), business trips, and leisure travel, which rapidly increased the proportion of foreign guests. The share of foreign guests among total guests at InterContinental Parnas and InterContinental COEX rose from about 46% in 2022 to about 67% in 2023.

Banquet sales also increased by about 26% year-on-year, contributing to overall revenue growth. The Grand InterContinental Seoul Parnas has the largest grand ballroom hall among hotels in Seoul. Located on Teheran-ro in the center of Gangnam, Seoul, it is recognized as a convention hotspot for key industries such as IT, pharmaceuticals, finance, and public sectors. Additionally, large-scale luxury wedding bookings are so popular that reservations for the entire year are filled even before the year begins.

Parnas Hotel Jeju, which opened in 2022, recorded remarkable growth with sales increasing by 144% compared to the previous year. It is the only hotel in Jeju Island with three Golden Key concierges, which appears to attract individual leisure travelers with its service competitiveness. Its competitive facilities and services, including the closest location to the sea among 5-star hotels in Jeju and the longest infinity pool in Korea, as well as differentiated gourmet experiences, have made it a preferred choice for high-purchasing-power individual leisure travelers (FIT).

Nine Tree Hotels, which has six hotels in key metropolitan areas such as Myeongdong, Insadong, Dongdaemun, Pangyo, and Yongsan, also saw sales increase by 88% and operating profit by 230% compared to the previous year. In particular, the Myeongdong and Dongdaemun branches attract more than 50% of Asian travelers, including those from Greater China. The combination of premium facilities and services not typically found in general business hotels at reasonable prices was effective.

A representative of Parnas Hotel stated, “Especially in January this year, we launched ‘Parnas Rewards,’ the hotel industry's first selectable free membership that allows customers to choose benefits according to their personal lifestyle, further strengthening our competitiveness.”

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