Business · Companies · 5 hrs ago
Seoul luxury hotel rooms increasingly cost more than 1 million won a night
Room rates at several Seoul luxury hotels have topped 1 million won a night, including standard rooms, according to prices this month.
The rise comes as South Korea expects more than 20 million foreign visitors this year, a first.
Hotel construction in Seoul is limited by scarce central sites and rising building and financing costs, while new rooms have been added slowly.
In September, Seoul hotels were 79.2% occupied, and demand has grown faster than available rooms.
More luxury brands are planning Seoul hotels, including Rosewood in 2027 and Mandarin Oriental in 2030.
Hotels are also focusing on wider rooms and higher-end services rather than simply adding room numbers, combining stays with dining, wellness, beauty and medical services.
These pressures could make rates above 1 million won more common at the top end of Seoul's hotel market.
Room rates at several luxury hotels in Seoul have exceeded 1 million won a night, including for standard rooms.
Rising foreign tourist numbers and limited new hotel supply are contributing to higher prices.
Seoul hotel occupancy reached 79.2% in September, while new room supply has remained around 1,000 rooms a year.
International luxury hotel brands are planning new Seoul properties, adding to expectations that premium rates will persist.
Hotels are also investing in higher-end services and experiences rather than simply adding rooms.
- Who
- Seoul luxury hotels, their guests and foreign tourists.
- What
- Rates at several Seoul luxury hotels have risen above 1 million won a night.
- When
- The article was published on November 13, 2026; it reports rates for this month.
- Where
- Seoul, South Korea.
- Why
- Foreign tourist numbers are rising while hotel room supply is limited, and hotels are expanding luxury services and experiences.
This story does not have two clearly opposing sides.
Lotte Hotel Seoul rebranded as The Grand Lotte Seoul and reduced its rooms from 1,015 to 868.
Seoul's hotel room occupancy rate reached 79.2%, according to the article.
Hankyung reported that rates at major Seoul luxury hotels were above 1 million won a night.
Rosewood is scheduled to open a hotel in Yongsan, Seoul.
Mandarin Oriental is scheduled to open a hotel in the northern Seoul Station area.
- Signiel Seoul
- Grand Deluxe rooms were in the 1.3 million won range for the article's reported weekend.
- The Shilla Seoul
- Business Deluxe rooms were in the 1.4 million won range.
- Josun Palace Seoul Gangnam
- Masters rooms started at 1.36 million won.
- Foreign tourist forecast
- 23 million visitors to South Korea this year.
- Seoul hotel occupancy
- 79.2% in September.
- New room supply
- Around 1,000 rooms a year recently.
1 source
What people are saying
Recently, rising foreign tourist numbers, a shortage of hotel supply and the entry of global luxury brands have come together, changing the hotel industry's measure of competition from how many rooms it fills to how expensively it can sell a wider range of experiences.