Parnas Hotel Enters Senior Residence Business... "Expanding Portfolio"

Five New Business Objectives Added to Articles of Incorporation
Tailored Strategies for Seniors, Inbound Customers, and More

Parnas Hotel announced on August 13 that it will leverage its hotel operation know-how and expertise to enter the residential, travel, and food & beverage (F&B) sectors.

According to the semi-annual report submitted by Parnas Hotel, the company has added a total of five new business objectives to its articles of incorporation: ▲commissioned operation of senior residential and welfare facilities, ▲commissioned operation of shared amenities in residential and office buildings, ▲comprehensive travel business, ▲specialized food and livestock product distribution and sales, and ▲contract food service. The company plans to expand its business portfolio to encompass all aspects of customer lifestyle.

Parnas Hotel plans to manage high-end senior residences under commission. This decision is based on the expectation that, as society transitions into a super-aged demographic, the senior housing market will grow by more than 6.5% annually. To this end, the company has established a dedicated organization and will actively pursue the commissioned operation of senior residences and community amenities. It aims to offer residents personalized services at the level of a luxury hotel and present a new model for residential culture.

The company will also expand into premium apartment and office amenities. Parnas Hotel is currently in discussions to provide five-star hotel services in exclusive community facilities for residents, such as sky lounges and guest houses, within major redevelopment complexes in the Seoul metropolitan area. The core strategy is to introduce premium services and extend the five-star hotel experience into everyday life.

By operating a comprehensive travel business, Parnas Hotel will also offer tourism programs for foreign customers. Its premium business hotel brand, 'Nine Tree by Parnas,' launched the guest-stay-oriented cultural and tourism program 'Nine Tree Activity with Navistar' in May. The program offers guided tours of local attractions, primarily targeting foreign guests. In the second half of the year, the company plans to expand content to include Gyeonghuigung Palace, Cheonggyecheon, and Namsan, as well as introduce seasonal themed tours focused on hidden attractions, with the goal of establishing 'Nine Tree Activity with Navistar' as a signature service of Nine Tree by Parnas.

The company will also expand its premium RMR (Restaurant Meal Replacement) business. Parnas Hotel previously launched an RMR line under its proprietary high-end lifestyle brand, 'Parnas Hotel Collection,' introducing 'Butter Chicken Curry' as the first product. This is the third lifestyle product line following the signature scent released last year and premium bedding launched in the first half of this year. Starting with 'Butter Chicken Curry,' the company plans to continuously expand its menu lineup to strengthen its competitiveness in the premium meal replacement market.

A Parnas Hotel representative stated, "Based on over 40 years of accumulated expertise in luxury hospitality, we are continuously expanding our business domains to deliver premium value across all aspects of our customers' lifestyles. Through tailored strategies for each target group-seniors, global inbound customers, and home gourmets-we will further enhance our business capabilities and establish ourselves as a lifestyle brand deeply embedded in our customers' lives."

Meanwhile, in the first half of this year, Parnas Hotel recorded sales of 202.9 billion won and operating profit of 28.3 billion won, representing year-on-year decreases of 15% and 44%, respectively. The premium urban wellness hotel 'The Westin Seoul Parnas' is scheduled to officially open for business in September.