South Korea Luxury Hotels Market Growth Analysis - Forecast Trends and Outlook (2025-2034)
Description
The South Korea luxury hotels market reached a value of approximately USD 2.75 Billion in 2024. The market is projected to grow at a CAGR of 5.60% between 2025 and 2034, reaching a value of around USD 4.74 Billion by 2034.
South Korea Luxury Hotels Market Growth Rate
The luxury hotels market in South Korea includes business hotels, airport hotels, suite hotels, and resorts. The surge in travel and tourism, particularly since BTS gained global popularity, has made South Korea a preferred destination over European and Western countries. National and international events organized by the government and corporations attract renowned guests, prompting a preference for luxury hotels due to their superior amenities.
The Hotel, Restaurant, and Institutional (HRI) food service sector exhibited signs of rebound following sales fluctuations amid the pandemic. In 2021, sector sales amounted to 150.76 trillion KRW (131.7 billion USD), marking a 7.77% increase from 2020 and a 4.41% rise from 2019.
Key Trends and Developments
Increasing sustainable practices in luxury hotels, expansion of the travel and tourism sector, improved online advertising and marketing, and rising disposable incomes are the major trends impacting South Korea luxury hotels market growth.
April 03, 2024
IHG Hotels & Resorts, a prominent global hotel company, is pleased to unveil the agreement for voco Seoul Myeongdong, partnering with Gravity Asset Management's Seoul South Gate Hotel Operations Company and Hotel HDC Co., Ltd.
April 03, 2024
JW Marriott is launching the JW Marriott Jeju Resort & Spa in Seogwipo, South Korea. This new luxury hotel overlooks the coastline of Jeju Island, known as Korea's Hawaii, from atop a cliff.
September 25, 2023
Hilton's rapidly expanding upscale brand, DoubleTree by Hilton Seoul Pangyo, has opened in South Gyeonggi, boasting the largest full-service hotel and residences complex in the area with 432 hotel rooms and 170 residences across 25 floors.
May 04, 2023
Eleven D&C Co., Ltd., a prominent real estate developer in Korea, has selected Rosewood Hotels & Resorts® to oversee Rosewood Seoul, an ultra-luxury hotel scheduled to launch in 2027.
Increasing Sustainable Practices in Luxury Hotels
Luxury hotels in South Korea, like JW Marriott Seoul, respond to sustainability demands by aiming for LEED Gold certification, conserving resources, and enhancing guest experience.
Expansion of the Travel and Tourism Sector
Tourism and travel sector growth spur demand for upscale accommodations, driving expansion in the luxury hotel market to meet the needs of discerning travellers.
Improved Online Advertising and Marketing
Luxury hotels benefit greatly from strong branding and increased online ad spending, appealing to travellers seeking relaxation, particularly older adults, and newlyweds.
Rising Disposable Incomes
Rising disposable incomes increase consumer spending on luxury experiences, driving demand for upscale accommodations in the hospitality industry, particularly in the luxury hotel sector.
South Korea Luxury Hotels Market Trends
The luxury hotel industry benefits from robust branding and increased online ad spending, appealing to travellers seeking upscale experiences for relaxation, especially among older adults and newlyweds. High disposable incomes, convenient online booking, and elevated living standards drive spending on leisure activities, boosting market growth.
Expansion in tourism and changing living standards contribute to steady market growth. Sporting events also drive demand spikes, with hotels accommodating teams and fans. Luxury hotels offer tailored amenities like spas and gyms, while pet-friendly accommodations cater to the rising pet market and single-person households in South Korea.
South Korea luxury Hotels Industry Segmentation
“South Korea Luxury Hotels Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Independent hotels primarily benefit from being more individualised thus boosting the market growth
Independent hotels differentiate themselves by offering unique experiences tailored to specific target markets, though they are often perceived as more costly and exclusive compared to chains. Unlike chains, which prioritize standardized luxury, independent hotels prioritize individuality and focus on providing exceptional customer service tailored to each guest's needs.
They maintain guest profiles to track preferences and enhance offerings, particularly for repeat visitors. This personalized approach gives them a competitive edge, allowing them to anticipate and exceed customer expectations, fostering loyalty and satisfaction.
Chain hotels, on the other hand, have exceptionally high standards of service, but they often take a more standardised approach to providing for their guests, attending to their needs as they occur and making sure to provide professionalism and high-quality service throughout the chain hotels. Chains hotels provide more affordable prices and an impression of dependability that will entice a larger target market and drive the growth of the luxury hotel market in South Korea.
Leading Manufacturers in the South Korean Luxury Hotels Market
The companies are a provider of pharmaceutical sourcing and distribution services, delivering pharmaceutical products, business solutions, and value-added services that enhance access to healthcare.
Hotel Lotte Co., Ltd.
Founded in 1973, Hotel Lotte manages hotel properties and operates various businesses including hotels, duty-free shops, theme parks, resorts, and related ventures, also offering short-term lodging services.
Grand Hyatt Seoul
Founded in 1978, Grand Hyatt Seoul, a 5-star hotel near Itaewon and Myeongdong in Seoul, caters to both business and leisure travellers, offering luxury accommodations ideal for families as well.
Conrad Hotels & Resorts
Founded in 1985, with its headquarters in the United States, Conrad Hotels & Resorts, a luxury hotel brand, is a part of Hilton Worldwide, offering upscale accommodations and resorts worldwide.
Hanwha Hotels & Resorts
Founded in 1979, their business focus revolves around two core areas: hospitality and estate services, complemented by subsidiaries including Aqua Planet, specializing in aquarium operations.
Other South Korea luxury hotels market key players are Oakwood Premier, Pyeongchang Alpensia Resort, Josun Hotels & Resorts Inc., and ACCOR SA among others.
South Korea Luxury Hotels Market Report Snapshots
South Korea Luxury Hotels Manufacturers
South Korea Luxury Hotels Market Growth Rate
The luxury hotels market in South Korea includes business hotels, airport hotels, suite hotels, and resorts. The surge in travel and tourism, particularly since BTS gained global popularity, has made South Korea a preferred destination over European and Western countries. National and international events organized by the government and corporations attract renowned guests, prompting a preference for luxury hotels due to their superior amenities.
The Hotel, Restaurant, and Institutional (HRI) food service sector exhibited signs of rebound following sales fluctuations amid the pandemic. In 2021, sector sales amounted to 150.76 trillion KRW (131.7 billion USD), marking a 7.77% increase from 2020 and a 4.41% rise from 2019.
Key Trends and Developments
Increasing sustainable practices in luxury hotels, expansion of the travel and tourism sector, improved online advertising and marketing, and rising disposable incomes are the major trends impacting South Korea luxury hotels market growth.
April 03, 2024
IHG Hotels & Resorts, a prominent global hotel company, is pleased to unveil the agreement for voco Seoul Myeongdong, partnering with Gravity Asset Management's Seoul South Gate Hotel Operations Company and Hotel HDC Co., Ltd.
April 03, 2024
JW Marriott is launching the JW Marriott Jeju Resort & Spa in Seogwipo, South Korea. This new luxury hotel overlooks the coastline of Jeju Island, known as Korea's Hawaii, from atop a cliff.
September 25, 2023
Hilton's rapidly expanding upscale brand, DoubleTree by Hilton Seoul Pangyo, has opened in South Gyeonggi, boasting the largest full-service hotel and residences complex in the area with 432 hotel rooms and 170 residences across 25 floors.
May 04, 2023
Eleven D&C Co., Ltd., a prominent real estate developer in Korea, has selected Rosewood Hotels & Resorts® to oversee Rosewood Seoul, an ultra-luxury hotel scheduled to launch in 2027.
Increasing Sustainable Practices in Luxury Hotels
Luxury hotels in South Korea, like JW Marriott Seoul, respond to sustainability demands by aiming for LEED Gold certification, conserving resources, and enhancing guest experience.
Expansion of the Travel and Tourism Sector
Tourism and travel sector growth spur demand for upscale accommodations, driving expansion in the luxury hotel market to meet the needs of discerning travellers.
Improved Online Advertising and Marketing
Luxury hotels benefit greatly from strong branding and increased online ad spending, appealing to travellers seeking relaxation, particularly older adults, and newlyweds.
Rising Disposable Incomes
Rising disposable incomes increase consumer spending on luxury experiences, driving demand for upscale accommodations in the hospitality industry, particularly in the luxury hotel sector.
South Korea Luxury Hotels Market Trends
The luxury hotel industry benefits from robust branding and increased online ad spending, appealing to travellers seeking upscale experiences for relaxation, especially among older adults and newlyweds. High disposable incomes, convenient online booking, and elevated living standards drive spending on leisure activities, boosting market growth.
Expansion in tourism and changing living standards contribute to steady market growth. Sporting events also drive demand spikes, with hotels accommodating teams and fans. Luxury hotels offer tailored amenities like spas and gyms, while pet-friendly accommodations cater to the rising pet market and single-person households in South Korea.
South Korea luxury Hotels Industry Segmentation
“South Korea Luxury Hotels Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
- Chain
- Independent
Independent hotels primarily benefit from being more individualised thus boosting the market growth
Independent hotels differentiate themselves by offering unique experiences tailored to specific target markets, though they are often perceived as more costly and exclusive compared to chains. Unlike chains, which prioritize standardized luxury, independent hotels prioritize individuality and focus on providing exceptional customer service tailored to each guest's needs.
They maintain guest profiles to track preferences and enhance offerings, particularly for repeat visitors. This personalized approach gives them a competitive edge, allowing them to anticipate and exceed customer expectations, fostering loyalty and satisfaction.
Chain hotels, on the other hand, have exceptionally high standards of service, but they often take a more standardised approach to providing for their guests, attending to their needs as they occur and making sure to provide professionalism and high-quality service throughout the chain hotels. Chains hotels provide more affordable prices and an impression of dependability that will entice a larger target market and drive the growth of the luxury hotel market in South Korea.
Leading Manufacturers in the South Korean Luxury Hotels Market
The companies are a provider of pharmaceutical sourcing and distribution services, delivering pharmaceutical products, business solutions, and value-added services that enhance access to healthcare.
Hotel Lotte Co., Ltd.
Founded in 1973, Hotel Lotte manages hotel properties and operates various businesses including hotels, duty-free shops, theme parks, resorts, and related ventures, also offering short-term lodging services.
Grand Hyatt Seoul
Founded in 1978, Grand Hyatt Seoul, a 5-star hotel near Itaewon and Myeongdong in Seoul, caters to both business and leisure travellers, offering luxury accommodations ideal for families as well.
Conrad Hotels & Resorts
Founded in 1985, with its headquarters in the United States, Conrad Hotels & Resorts, a luxury hotel brand, is a part of Hilton Worldwide, offering upscale accommodations and resorts worldwide.
Hanwha Hotels & Resorts
Founded in 1979, their business focus revolves around two core areas: hospitality and estate services, complemented by subsidiaries including Aqua Planet, specializing in aquarium operations.
Other South Korea luxury hotels market key players are Oakwood Premier, Pyeongchang Alpensia Resort, Josun Hotels & Resorts Inc., and ACCOR SA among others.
South Korea Luxury Hotels Market Report Snapshots
South Korea Luxury Hotels Manufacturers
Table of Contents
101 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 South Korea Luxury Hotels Market Analysis
- 5.1 Key Industry Highlights
- 5.2 South Korea Luxury Hotels Historical Market (2018-2024)
- 5.3 South Korea Luxury Hotels Market Forecast (2025-2034)
- 5.4 South Korea Luxury Hotels Market by Type
- 5.4.1 Business Hotels
- 5.4.1.1 Historical Trend (2018-2024)
- 5.4.1.2 Forecast Trend (2025-2034)
- 5.4.2 Airport Hotels
- 5.4.2.1 Historical Trend (2018-2024)
- 5.4.2.2 Forecast Trend (2025-2034)
- 5.4.3 Suite Hotels
- 5.4.3.1 Historical Trend (2018-2024)
- 5.4.3.2 Forecast Trend (2025-2034)
- 5.4.4 Resorts
- 5.4.4.1 Historical Trend (2018-2024)
- 5.4.4.2 Forecast Trend (2025-2034)
- 5.4.5 Others
- 5.5 South Korea Luxury Hotels Market by Category
- 5.5.1 Chain
- 5.5.1.1 Historical Trend (2018-2024)
- 5.5.1.2 Forecast Trend (2025-2034)
- 5.5.2 Independent
- 5.5.2.1 Historical Trend (2018-2024)
- 5.5.2.2 Forecast Trend (2025-2034)
- 6 Market Dynamics
- 6.1 SWOT Analysis
- 6.1.1 Strengths
- 6.1.2 Weaknesses
- 6.1.3 Opportunities
- 6.1.4 Threats
- 6.2 Porter’s Five Forces Analysis
- 6.2.1 Supplier’s Power
- 6.2.2 Buyer’s Power
- 6.2.3 Threat of New Entrants
- 6.2.4 Degree of Rivalry
- 6.2.5 Threat of Substitutes
- 7 Competitive Landscape
- 7.1 Supplier Selection
- 7.2 Key Global Players
- 7.3 Key Regional Players
- 7.4 Key Player Strategies
- 7.5 Company Profiles
- 7.5.1 Hotel Lotte Co., Ltd.
- 7.5.1.1 Company Overview
- 7.5.1.2 Product Portfolio
- 7.5.1.3 Demographic Reach and Achievements
- 7.5.1.4 Certifications
- 7.5.2 Grand Hyatt Seoul
- 7.5.2.1 Company Overview
- 7.5.2.2 Product Portfolio
- 7.5.2.3 Demographic Reach and Achievements
- 7.5.2.4 Certifications
- 7.5.3 Conrad Hotels & Resorts
- 7.5.3.1 Company Overview
- 7.5.3.2 Product Portfolio
- 7.5.3.3 Demographic Reach and Achievements
- 7.5.3.4 Certifications
- 7.5.4 Hanwha Hotels & Resorts
- 7.5.4.1 Company Overview
- 7.5.4.2 Product Portfolio
- 7.5.4.3 Demographic Reach and Achievements
- 7.5.4.4 Certifications
- 7.5.5 Oakwood Premier
- 7.5.5.1 Company Overview
- 7.5.5.2 Product Portfolio
- 7.5.5.3 Demographic Reach and Achievements
- 7.5.5.4 Certifications
- 7.5.6 Pyeongchang Alpensia Resort
- 7.5.6.1 Company Overview
- 7.5.6.2 Product Portfolio
- 7.5.6.3 Demographic Reach and Achievements
- 7.5.6.4 Certifications
- 7.5.7 Josun Hotels & Resorts Inc.
- 7.5.7.1 Company Overview
- 7.5.7.2 Product Portfolio
- 7.5.7.3 Demographic Reach and Achievements
- 7.5.7.4 Certifications
- 7.5.8 ACCOR SA
- 7.5.8.1 Company Overview
- 7.5.8.2 Product Portfolio
- 7.5.8.3 Demographic Reach and Achievements
- 7.5.8.4 Certifications
- 7.5.9 Others
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