Room Rates Soar from 40,000 Won to 640,000 Won... Mayor Alarmed by APEC Price Gouging

Room Rates Surge Ahead of APEC Summit
Gyeongju City Urges Accommodation Providers to Maintain Reasonable Prices

Accommodation providers in Gyeongju, North Gyeongsang Province, are facing controversy for raising their room rates by nearly ten times the usual price ahead of the Asia-Pacific Economic Cooperation (APEC) Summit scheduled for next month.

The Hwabaek Convention Center in Gyeongju, Gyeongsangbuk-do, used as the venue for the APEC Summit. Unrelated to the article. Photo by Yonhap News.

According to a check on a lodging reservation application on the 17th, many accommodations in downtown Gyeongju have significantly increased their rates for the event period from October 27 to November 1. Establishment A raised its weekday room price from 50,000 won to 340,000 won; Establishment B from 43,000 won to 640,000 won; and Establishment C from 42,000 won to 300,000 won.

Many accommodations have already been fully booked and are not accepting reservations during the event period, forcing tourists and visitors from other regions to either pay exorbitant costs or seek lodging in outlying areas.

As controversy over these so-called "rip-off prices" has grown, the Gyeongju city government sent an official letter in the name of Mayor Joo Nakyoung to local accommodation businesses on the 16th. The letter requested the provision of a safe lodging environment, maintenance of reasonable rates, and friendly service.

Mayor Joo emphasized, "The APEC Summit is an important opportunity for Gyeongju to become a global city," and appealed, "The cooperation of accommodation providers and the hospitality of citizens will be the foundation for a successful summit."