[Photo] Sheraton Seoul Palace Hotel Closes Operations

As the prolonged COVID-19 pandemic continues to cause financial difficulties for the hospitality industry, the Sheraton Seoul Palace Gangnam Hotel in Seocho-gu, Seoul, closed its doors on the 1st. This hotel, which began as Banpo Palace Hotel in 1982 and was the first luxury hotel in Gangnam, recorded sales of 16.9 billion KRW in the first to third quarters of last year, a 40% decrease compared to the same period the previous year, while operating losses surged from 1.9 billion KRW to 8.6 billion KRW amid the spread of COVID-19. The Sheraton Seoul Palace Gangnam was acquired by real estate developer The Land for 350 billion KRW and is reportedly planned to be demolished to develop luxury residential apartments. / Reporter Kim Hyun-min kimhyun81@