[Photo] Sheraton Seoul Palace Hotel Closes Operations

As the prolonged COVID-19 pandemic continues to cause financial difficulties for the hospitality industry, on the 1st, officials posted a notice of business closure at the Sheraton Seoul Palace Gangnam Hotel in Seocho-gu, Seoul. 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 soared from 1.9 billion KRW to 8.6 billion KRW amid the spread of COVID-19. It is reported that real estate developer The Land acquired the hotel for 350 billion KRW and plans to demolish it to develop luxury residential apartments./Reporter Kim Hyun-min kimhyun81@