Hotel Intelligence Report 2012 Seoul - JLL日本 ... Intelligence... · Hotel Intelligence Report • Market Insight Seoul • October 2012 •2 Market Summary Seoul, the capital

Hotel Intelligence Report

Market InsightSeoul

October 2012

Hotel Intelligence Report • Market Insight Seoul • October 2012 • 1

Contributor

Kyoungjoon (“June”) KimVice [email protected]

Glossary

ADR Average Daily RateRevPAR Revenue per Available RoomGDP Gross Domestic ProductMICE Meetings, incentives, conferencing, and exhibitions Korean Wave Popularity of Korean entertainment and culture outside Korea, starting in the 1990sFAR Floor Area RatioOfficetel Hybrid of "office" and "hotel" in Korea; refers to a multi-purpose building with units that can be used both as office or

residential spaceCAGR Compounded Annual Growth RateKTO Korea Tourism OrganizationKHA Korea Hotel AssociationKMCST Korean Ministry of Culture, Sports and TourismKRW Korean Won

Remarks

In this report, we have used information about those hotels registered as tourist hotels and controlled by the KMCST under the “Korean Tourism Promotion Law”.Instead of Seoul tourism statistics, Korean tourism statistics are used in the inbound business analysis due to the lack of information available for the Seoul market, which is visited by approximately 80% of international visitors to Korea, according to the KTO.


Market SummarySeoul, the capital of South Korea, is one of the most active hotel development markets in Asia. Against a backdrop of strong demand growth and limited room supply in the recent years, there has been a recent increase in hotel development in the capital. The Seoul Metropolitan Government reports that approximately 77 new hotel projects have been submitted that could potentially add around 14,776 rooms by 2015. Given the current lack of construction finance in the country, it is unlikely that all these projects will materialise and some may also be delayed. KTO forecasts that more than 10 million international tourists will visit Korea in 2012 in a trend that is expected to continue until 2015, with an increase of one million visitors each year. The trend should sustain Seoul's strong hotel market performance in the short term which is heavily dominated (approximately 80%) by international visitors to Korea.

The centre of Korea's political, economic and financial sectors for more than 600 years, Seoul has capitalised on its rich heritage, traditions and natural tourism resources to strengthen its profile as a major leisure destination in Asia by offering tourists a diverse mix of cultural, entertainment, dining and shopping experiences.

The number of international visitors to South Korea has grownsignificantly over the past decade. In addition to the depreciation of the KRW and the increased popularity of the Korean Wave, more visitors from mainland China as a result of visa deregulation andthe Korean government’s tourism initiatives have made Seoul more attractive as a tourism destination compared to other cities in Asia.

We have also witnessed solid growth in the performance of Seoul'shotel sector over the past few years in terms of both occupancy rates and ADR. It has been noted that this is due mainly to ashortage of hotel rooms in the market and an increase in demand.

We expect demand among potential visitors to Seoul to remain strong, due mainly to the ongoing popularity of the Korean Wave and rising demand from mainland China, which will ensure that the Seoul hotel market continues to perform strongly, despite the new hotel supply that will be added to the market over the coming years. Healthy investment returns and easier development/conversion options available under the government’s incentive policies are expected to diversify the hotel investment landscape in Seoul and make the market even more active.

Economic Snapshot 2010 2011 2012F 2013F 2014F

Real GDP Growth (%) 6.3 3.6 2.2 2.1 3.4

Nominal GDP (USD billion) 1,015 1,116 1,115 1,236 1,405

Consumer Price Index (%) 2.9 4.0 2.0 1.9 2.9

Policy Interest Rate (%) 2.50 3.25 2.75 3.00 3.75Avg. Exchange Rates(KRW per USD) 1,135 1,153 1,111 1,005 980Avg. Unemployment Rate (%) 3.7 3.4 3.4 3.9 3.8

Source: Global Insight (forecast as at 25 October 2012)


Major Business Districts There are three major business districts in Seoul, namely the Seoul Central Business District (Seoul CBD), the Gangnam Business District (the GBD) and the Yoido Business District (the YBD). As these areas attract business clientele with accommodation needs, the city's main hotel markets are formed in and around these districts. Each district can be characterised as below:

Seoul CBDLocated in Jung-gu and Jongro-gu Districts, north of the Han-gangRiver, the Seoul CBD has been the heart of the country’s politicaland economic scene since the 14th century. Most commercial and investment banks, embassies, conglomerates’ headquarters andKorean branches of foreign companies are located in this area. In addition, the historical architecture, museums, commercial districtsand Namsan Mountain attract leisure visitors to this area. Major hotels in the Seoul CBD include such full-service properties as TheWestin Chosun Seoul, the Lotte Hotel Seoul, The Plaza HotelSeoul and The Shilla Seoul, as well as such limited-service hotels as the Ibis Seoul Myeongdong, the Sky Park hotel portfolio, andthe Ramada Hotel and Suites Seoul Namdaemun. The Seoul CBD is also the hottest area for recent hotel development projects, with about 40 hotels planned to be added in Jung-gu and Jongro-guDistricts, as well as in Dongdaemun-gu District, which is adjacentto the Seoul CBD.

GBDLocated in Gangnam-gu and Seocho-gu Districts, south of theHan-gang River, the GBD is the newest of the city's three business districts, although it already plays a critical role in Korea's economy. Companies from the IT, private banking, venture capital funds, chemical, health and pharmaceuticals, and defence industrysectors are located in this area. Compared to the Seoul CBD, there are a limited number of leisure destinations in the GBD but,following the opening of the COEX Convention Center in 1979, the

area became a mecca for Seoul’s MICE business. Hotels in the GBD are located near office complexes, such as COEX, as well asalong Teheran Road, the main road leading to corporate andgovernment offices, and commercial buildings in the area. Major hotels in the GBD include such full-service properties as Park Hyatt Seoul, the InterContinental Seoul COEX, The Ritz Carlton Seoul and the Lotte Hotel World, along with such limited-service hotels as the Ibis Seoul Ambassador and the Bestwestern Premier Gangnam.In the GBD area, about 15 hotels are planned to be added over the coming years.

YBDYoido Island in Yongdeungpo-gu District, located south-west of the Han-gang River and also recognised as the YBD, is Korea'sfinance hub, home to the Korean Stock Exchange and domestic securities companies, as well as the National Assembly and major media companies. Due to high land prices and its easy accessibility to the Seoul CBD, the YBD has yet to see its hotel market take shape. In addition, accommodation demand in theYBD has generally been absorbed by the Seoul CBD, which offersmore entertainment and leisure attractions, or other adjacent sub-markets with reasonable ADRs. The major accommodationproperty in the YBD is the Marriott Executive Apartments Seoul, which opened in 2006. In recent years, however, there has beenan emerging trend of hotels being included in redevelopment projects in new sub-markets near the YBD, such as Mapo,Yongdeungpo and Guro. With a limited number of hotels in the area, and an expected increase in both leisure and corporate traffic, these sub-markets are expected to continue to develop. Major hotels in these sub-markets include the Lotte City Hotel Mapo, theCourtyard Seoul Times Square and the Sheraton Seoul D-CubeCity Hotel. Taking advantage of the recent FAR incentive for hotel development offered by the government, new mixed-use complexes in the YBD started to include hotels as a part of their properties, such as the Conrad Seoul in the Seoul InternationalFinance Center.

Source: Jones Lang LaSalle


Tourism Market OverviewIn 2011, Seoul’s tourism and accommodation market benefitted from increased demand from Asian countries. The earthquake thathit the eastern part of Japan on 11 March 2011 (the 3-11earthquake) resulted in an immediate drop in both leisure and business visitors from Japan, Korea’s number one tourism market, although demand began to recover from June 2011 up to June 2012 and had exceeded more than 10% of the figure for the same period in the previous year. The 3-11 earthquake in Japan and the flood in Thailand in 2011 had a positive impact on the Koreatourism market by encouraging Asian tourists to chooseSeoul/Korea as an alternative destination.

International Visitor ArrivalsThe total number of international visitors to Korea has shown a healthy growth over the past 10 years and has reachedapproximately 9.8 million in 2011, an 11.3% increase over the previous year and almost double 2002 result. The only exception of this trend was 2003, the year after 2002 FIFA World Cup Korea/Japan and the Busan Asian Games 2002, and when global tourism was affected negatively by the Iraq war and the Severe Acute Respiratory Syndrome (SARS) epidemic.

The y-t-d- September figure for visitor arrivals increased by 18.9% in 2012 compared to the same period in 2011.

The increase in the number of international visitor arrivals to Koreain recent years can be attributed to several factors, including theincrease in the popularity and influence of the Korean Wave in other Asian countries, improved visa regulations for mainlandChinese tourists, which started in August 2010, and the favourable exchange rate of the KRW to other major currencies, as well as recent economic growth in other Asian countries and the Koreangovernment’s ongoing tourism promotions.

The Korean government designated 2010-12 as “Visit Korea Years” in a bid to achieve 10 million visitors by 2012. Major events and festivals were planned over these three years, among them the G-20 Summit in 2010, the Formula One Korean Grand Prixfrom 2010 and Expo 2012 Yeosu.

Tourism receipts have also grown significantly since 2005, due notonly to the increase in demand for inbound tourism to the country,but also because of the depreciation of the KRW compared to such

major currencies as the US dollar and the Japanese yen. In line with the increase in visitors, the y-t-d August figure for international tourism receipts increased by 32.4% over the same period in 2011.

Figure 1: International Visitor Arrivals, 2002 to y-t-d Sep 2012

Figure 2: Korea: International Visitor Arrivals by Month

Figure 3: Korea: International Tourism Receipts, 2002 to y-t-d Aug 2012


Major Tourism Source MarketsJapan was ranked the top international source market for Korea in2011, accounting for 33.6% of total inbound visitors, followed by mainland China (22.7%) and the USA (6.8%).

The majority of international visitors to Korea come from Japan and mainland China, accounting for 56.3% of the total. It is also worth noting that eight of the top 10 source markets are Asian countries, with demand from these eight countries accounting for 78.2% of total international visitor arrivals in 2011.

Of the top 10 source markets, five countries, namely mainlandChina, the Philippines, Thailand, Hong Kong and Malaysia, showeddouble-digit growth in 2011 compared to the previous year.

Figure 4: Korea: Major Source Markets in 2011 By Country of Residence

Accommodation DemandOf total hotel demand reported by the KHA, international visitorsaccounted for 75.6% in Seoul and 46.4% in Korea overall in 2011. According to the KTO, about 80% of international tourists to Korea visit Seoul. Accommodation demand from Korean residents is relatively small as most major industries are located and about half of the country's population resides in the greater Seoul metropolitan area, not only Seoul, but also Incheon Metropolitan city and Gyeonggi-do Province nearby, and as other major cities are within one-day trip distance from Seoul. Compared to Japanand Tokyo in particular, where domestic consumers accounted for about 95% and 85% of the total accommodation demand in 2011 respectively, it is noteworthy that Seoul's hotel industry relies heavily on international visitors.

Figure 5: Seoul: Hotel Guest Mix, Domestic vs. Int'l


Hotel Supply TrendHotel room supply in Seoul has increased consistently since 2005 and this trend is expected to continue in the near future.

In terms of future supply in and after 2012, we are aware of 90hotels with 21,702 rooms that are planned for development or conversion in Seoul. If these hotels open as planned, hotel room supply in Seoul will almost double to 48,000 rooms within the next decade.

According to the KHA, the trading performance of Seoul's hotel market (108 hotels with 20,720 rooms as of December 2011) overthe past six years has been positive in terms of RevPAR from anincrease both in the occupancy rates and ADR that can beattributed to rising demand and limited new supply in the market.

Existing Hotel Supply According to the latest information provided by the KMCST, as at end-2011, there were 148 hotels with 25,160 hotel rooms in Seoul, with the average property offering 170 rooms.

Korea uses a unique system that classifies hotels in Seoul intoseven types, namely super deluxe, deluxe, first class, second class, third class, non-rated and family hotels.

The super deluxe and deluxe hotel categories can be described as full-service hotels that offer such facilities as banqueting, a variety of restaurants and leisure facilities. Internationally renowned 5-6-star hotels, such as The Westin Chosun Seoul, The Shilla Seoul and Park Hyatt Seoul, are categorised in these sectors.

First-, second- and third-class hotels can be described as limited-service properties with a high proportion of room business andlimited F&B options. Internationally renowned 2-4-star hotels, such as the Ibis Seoul Myeongdong and the Bestwestern New SeoulHotel, are included in these sectors.

Non-rated hotels include new hotels currently awaitingclassification, new hotels that have not yet applied for classification and hotels that have not applied for the classification that is required every three years.

Family hotels include properties with a kitchen that are designed toaccomodate families. Serviced apartments, such as the Oakwood Premier Coex Center, are included in this sector.

According to the KMCST, the full-service hotel sector accounts for 64.0% of the total hotel room inventory in Seoul, with the limited-service sector accounting for 23.0% as at end-2011. The limited-service sector is expected to grow in coming years due to the relatively small number of these types of hotels in the market, the low initial investment costs and operational risks, and an expected increase in demand from Asian countries, especially mainland China.

Figure 6: Seoul: Number of Hotel Establishments

Note: June 2006 figures are used for 2005 and March 2007 figures are used for 2006. Statistics from 2007 are as of December of each year.

Figure 7: Seoul: Number of Hotel Rooms

Note: June 2006 figures are used for 2005 and March 2007 figures are used for 2006. Statistics from 2007 are as of December of each year.


Future Hotel Supply The profile of the Seoul hotel market continues to evolve and the latest data point to a long-term trend towards an increase in hotelsupply that is expected to continue over the next several years.

According to data from the Seoul Metropolitan Government, as of August 2012, 90 hotels, or 21,702 hotel rooms, will be added to the city from 2012 on, taking the hotel room inventory in Seoul to more than 40,000 rooms in 2016, which is an 86.3% increase over room supply in 2011. These statistics are based on the development registration applications accepted by the Seoul Metropolitan Government and there is a chance that many of these plans will be cancelled or delayed. Nevertheless, it is clear that Seoul's hotel room inventory will rise significantly over the next a couple of years.

The increase in the number of hotels in the city can be attributed tothe lack of hotel rooms catering to the increase in demand for room nights in Seoul backed by the rapid growth in international visitor arrivals. In addtion, both the Seoul and the Korean governmentshave initiated incentive policies, such as the FAR incentive, that are major reasons for the hotel development boom in Seoul as they are attracting real estate investors and developers seeking to shift their investments to other asset classes.

With the five-year CAGR (2006-11) for hotel room supply in Seoulat 3.8% and the five-year CAGR for international visitors to Seoul at 10.6%, it is clear that growth in hotel supply has lagged behind growth in tourism demand over the past few years. As the hotel occupancy rate in Seoul in 2011 was 80.7% and since some accommodation demand was absorbed by other facilities, such as motels or non-tourist hotels and accommodation facilities outside of Seoul, the city's hotel market is expected to enjoy strong performance for the time being, despite the planned new supply.

Figure 8: Seoul: Additions to Hotel Supply from 2010

Figure 9: Seoul: Additions to Hotel Room Supply from 2010

Based on information that has been announced, the upcoming supply of hotels is characterised by the following trends:

• The majority of the new hotels will be limited-service properties.• Most of the hotels will be independently managed or operated

under local Korean hotel brands, such as Lotte City and Shilla Stay; a limited number of hotels will be operated under international brands, including Conrad and JW Marriott.

• Many hotels in the major business districts are expected to be developed through conversion from commercial buildings and/orofficetels to save on high initial construction costs.

• Several full-service hotels will be added to redevelopmentprojects using the FAR incentive for hotel developments, such as the Conrad Seoul in the Seoul International Finance Center.

Both demand for and supply of accommodation in Seoul areexpected to continue to increase in coming years. According to the KTO, about 8.4 million foreign tourists had visited Korea as at y-t-dSeptember 2012 and international visitor arrivals are expected to reach 10 million in 2012 as a whole. The KTO forecasts that this trend will continue until 2015, with an increase of one million visitors each year. The Korean government also announced that itwill continue campaigns and/or promotional activities in order to achieve 20 million visitors by 2020, the KMCST’s target for annualinbound tourist numbers to the country.

It is to be noted that Korean won appreciation in the future may cause a decrease of inbound visitation to Seoul, which makes anegative impact on the Seoul accommodation market if the planned hotels are continuously supplied to the market


Hotel Market PerformanceThe latest KHA statistics show the following trends in the performance of the Seoul hotel market:

• Since 2006, the occupancy rate has increased consistently, reaching 80.7% in 2011, due mainly to the rise in leisure demand from Asian countries and the growth in the number of international MICE events held in the city.

• ADR growth since 2007 can be attributed to the favourable exchange rate between the KRW and other currencies, and thelimited room inventory in Seoul.

• Consequently, RevPAR has also grown since 2006.

Occupancy in the Seoul hotel market typically peaks during October and November, as shown in the graph below. January, February and December are shoulder months.

Figure 10: Seoul Hotel Market Performance

Figure 11: Seasonality of Seoul Hotels' Monthly Occupancy Rate


Hotel Investment MarketMajor Hotel InvestorsWith only a couple owned by foreign investors, most hotels in Seoul are owned by domestic investors and independentlyoperated under local brands.

Domestic hotel companies that are subsidiaries of major Korean corporations use their hotel businesses to strengthen their primaryfirm’s corporate brand image. They also use the hotel facilities for the primary firm’s accommodation and/or MICE event needs, andsynergise the hotel business with their other businesses, such as wineries/importers, restaurants, duty free shops, etc.

Of the domestic hotel companies with their own brands, Shilla and Lotte are outstanding in their portfolio expansion with the new limited-service hotel brands Shilla Stay and Lotte City. It has beenannounced that Shilla will add 30 hotels in Korea by 2020 and Lotte will operate 40 more hotels by 2018 within and outside of Korea.These two companies, which own their existing hotels, haveexpanded their hotel portfolio aggressively with third-party real estate owners.

Hotels are becoming one of the most attractive sectors for real estate investors and developers in Seoul due to the decreasing investment return in other real estate sectors, the rising demand foraccommodation in the city, the relaxation of government restrictions covering hotel development or/and conversion, and the possibility of the pro-rata sale of hotel rooms.

The following are the emerging hotel investor categories that aresupporting the hotel development boom in Seoul:

• Real Estate Funds, or REITs, seeking to diversify their real estate portfolios.

• Real estate developers seeking to add hotels to their mixed-use complexes using the current FAR incentive offered by theKorean government.

• Companies that would like to capitalise on their main businessesand earn income from the hotel business, such as travel agencies.

• Real estate owners wanting to increase their returns oninvestment by converting existing buildings into hotels or by developing hotels using a higher FAR than other types ofbuildings.

ML (Master Lease) structure and rent structure, and FF&E(Furniture, Fixtures, & Equipment) investments will be key negotiation items between lessee and a lessor. Real estate owners that are familiar with office buildings and would like to minimizeoperational risks prefer fixed rents only, while hotel operators prefer variable rents based on the monthly net cash flow according toseasonality.

Recent Transactions in the Hotel MarketDue to increasing land prices in the city and high initial costs, the hotel business has not been considered profitable enough to payrents or cover initial investment costs. Also, because most hotels in Seoul have historically been a unit of a family business and/or amark of prestige for major Korean conglomerates, they have not been considered an investment option that is expected to offercapital gains through transactions until recently. Indeed, most hotel transactions that have been reported were through auctionsresulting from the bankruptcies of previous owners. Since 2006, seven transactions of hotels and a serviced apartment have beenreported. For the past five years, ownership of the Banyan Tree Club & Spa Seoul (formerly the Tower Hotel) and the Ramada Hotel Dongdaemun (formerly the Gukdong Star Tower) have each changed hands twice.

The Seoul hotel investment market since 2006 can be summarisedas follows:

• All hotels are located in or near the city's major business districts.• Major buyers are Korean investors. • Many buyers are long-term investors that are seeking to expand

their businesses into the hotel industry or to expand their hotel portfolios.

• The Nomura RIFA increased hotel's asset value byapproximately KRW 14 billion by converting existing officetel building into a limited-service hotel during their four-year holding period.

Other than the hotel transactions noted in the table below, it has been announced that a couple of office or officetel buildings werebought by investors seeking to convert the properties into hotels. Most of these properties are located in the Seoul CBD and will become limited-service hotels. The latest transaction was in August2012 when the owner of The Acasia Hotel bought the Rinnai office building in Donggyeodong (Seoul CBD) for KRW 50.5 billion in order to convert it into a limited-service hotel.


Major Lodging Transactions since 2006 (publicly announced transactions only)

Property Name District Year No. of Rooms Seller's Name Buyer's Name

Purchase Price

(KRW million)

Price Per Room

(KRW million)Remarks

Hotel La Casa(formerly New Samwha Hotel)

Gangnam-gu (GBD) 2006 60 N/A Korean Furniture

Retail Company 20,000 333

Tower Hotel Jung-gu (Seoul CBD) 2007 218 Korean Hotel Operator Korean Developer 120,000 550

Lotte City Hotel Mapo Mapo-gu 2009 284 Korean Developer Korean Hotel Operator 102,300 360

IP Boutique Hotel (formerly Itaewon Hotel)

Jung-gu (Seoul CBD) 2009 133 N/A Korean Hotel Operator N/A N/A

Marriott ExecutiveApartment Seoul

Yongdeungpo-gu(YBD) 2010 103 Japanese

Real Estate CompanyKorean Capital Lease Company 55,600 N/A

Purchase price is for 51% share of the company which owns and operates the property.

Ramada Hotel Dongdaemun(after conversion)

Jung-gu (Seoul CBD) 2012 154 Japanese

Real Estate FundKorean Real Estate Company 36,700 238

Nomura RIFA bought the property in 2008 at KRW 22.9 billion and converted this officetel building to a hotel in 2011

Banyan Tree Club & Spa Seoul (formerly Tower Hotel)

Jung-gu (Seoul CBD) 2012 49 Korean Developer Korean Conglomerate 163,500 3,337

Room numbers are as of December 2011, except for the Hotel La Casa and the Tower Hotel whose room numbers as of 2006 are used.Source: Jones Lang LaSalle Hotels based on publicly available information

Disclaimer This report is confidential to the recipient of the report. No reference to the report or any part of it may be published in any document, statement or circular or in any communication with third parties without the prior written consent of Jones Lang LaSalle Hotels, including specifically in relation to the form and context in which it will appear.

We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process of making forward projections involves assumptions in respect of a considerable number of variables which are acutely sensitive to changing conditions, variations in any one of which may significantly affect the outcome and we draw your attention to this factor. Jones Lang LaSalle Hotels makes no representation, warranty, assurance or guarantee with respect to any materialwith which this report may be issued and this report should not be taken as an endorsement of or recommendation on any participation by any intending investor or any other party in any transaction whatsoever.

This report has been produced solely as a general guide and does not constitute advice. Users should not rely on this report and must make their own enquiries to verify and satisfy themselves of all aspects of information set out in the report. We have used and relied upon information from sources generally regarded as authoritative and reputable, but the information obtained from these sources may not have been independently verified by Jones Lang LaSalle Hotels.

Whilst the material contained in the report has been prepared in good faith and with due care, no representation or warranty is made in relation to the accuracy, currency, completeness, suitability or otherwise of the whole or any part of the report. Jones Lang LaSalle Hotels, its officers, employees, subcontractors and agents shall not be liable (to the extent permitted by law) to any person for any loss, liability, damage or expense (“liability”) arising directly or indirectly from or connected in any way with any use of or reliance on this report. If any liability is established, notwithstanding this exclusion, it shall not exceed $1,000.

Atlanta3344 Peachtree Road, Suite 1200Atlanta, GA 30326United Statestel: +1 404 995 2100fax: +1 404 995 2109

AucklandPricewaterhouseCoopers TowerLevel 16, 188 Quay Street, AucklandNew Zealandtel: +64 9 366 1666fax: +64 9 358 5088

Bangkok19/F Sathorn City Tower175 South Sathorn RoadTungmahamek, SathornBangkok 10120Thailandtel: +66 2 624 6400fax: +66 2 679 6519

BarcelonaPasseig de Gracia 114a Planta, Esc. A, 08007 BarcelonaSpaintel: +34 93 318 5353fax: +34 93 301 2999

BeijingChina World Trade Centre4/F West Wing Office1 Jianguomenwai AvenueBeijing 100004China (PRC)tel: +86 10 5922 1300fax: +86 10 6505 0298

BirminghamNo.1 Colmore SquareBirmingham B4 6AJUnited KingdomTel: +44 121 643 6440Fax: +44 121 634 6510

BrisbaneLevel 33, Central Plaza One345 Queen StreetBrisbane QLD 4000Australiatel: +61 7 3231 1400fax: +61 7 3231 1411

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DubaiBurj Dubai Business Square Hub Building 1 Office 403, Sheikh Zayed RoadPO Box 214029 Dubai, UAE tel +971 4 426 6999 fax +971 4 365 3260

DüsseldorfKaistrasse 5, 40221 DüsseldorfGermanytel: +49 211 13006 0fax: +49 211 13399 0

ExeterKeble House , Southernhay East Exeter EX1 1NTtel: +44 1392 423696fax: +44 1392 423698

FrankfurtWilhelm-Leuschner-Strasse 7860329 FrankfurtGermanytel: +49 69 2003 0fax: +49 69 2003 1040

Glasgow150 St Vincent Street , Glasgow G2 5NDUnited Kingdomtel: +44 141 248 6040 fax: +44 141 221 9032

Istanbul- Levent

Istanbul 34335Turkeytel: +90 212 350 0800fax: +90 212 350 0806

JakartaJakarta Stock ExchangeBuilding Tower 1, 28th Floor,Sudirman Central, Business DistrictJl. Jend Sudirman Kav 52-53Jakarta 12190, Indonesiatel: +62 21 515 5665fax: +62 21 515 5666

LeedsSt Paul’s House,Park SquareLeeds LS1 2ND

United KingdomTel: +44 113 244 6440Fax: +44 113 245 4664

London22 Hanover SquareLondon W1A 2BNUnited Kingdomtel: +44 20 7493 6040fax: +44 20 7399 5694

Los Angeles515 South Flower Street, Suite 1300Los Angeles, CA 90071United Statestel: +1 213 239 6000fax: +1 213 239 6100

Lyon55, avenue Foch69006 LyonTel: +33 4 78 89 26 26Fax: +33 4 78 89 04 76

MadridPaseo de la Castellana, 51Planta 5, 28046 MadridSpaintel: +34 91 789 1100fax: +34 91 789 1200

ManchesterChancery Place, 50 Brown StreetManchester M2 2JTtel: +44 161 828 6440fax: +44 161 828 6490

MelbourneLevel 21, Bourke Place600 Bourke Street, Melbourne VIC 3000Australiatel: +61 3 9672 6666fax: +61 3 9600 1715

Mexico CityMonte Pelvoux 111, Piso 5Lomas de ChapultepecMéxico, DF 11000tel: +52 55 5980 8091fax: +52 55 5202 4377

Miami2333 Ponce de Leon Blvd, Suite 1000Coral Gables, Florida 33134United Statestel: +1 305 529 6345fax: +1 305 529 6398

MilanVia Agnello 820121 MilanItalytel: +39 02 8586 8672fax +39 02 8586 8670

MoscowKosmodamianskaya Nab. 52/3Moscow 115054Russiatel: +7 495 737 8000fax: +7 495 737 8011MunichHighLight Munich Business TowersMies-van-der-Rohe-Strasse 680807 MunichGermanytel: +49 89 2900 8882fax: +49 89 2900 8888

New DelhiLevel 9 Tower A, Global Business Park,Mehrauli Gurgaon Road, Sector 26,Gurgaon 122002Haryana, Indiatel: +91 124 4605000fax: +91 124 4605001

New York601 Lexington Avenue, 33rd Floor New York NY 10022United Statestel: +1 212 812 5700fax: + 1 212 421 5640

Paris40-42, rue La Boétie75008 ParisFrancetel: +33 1 4055 1718fax: +33 1 4055 1868

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São PauloRua Joaquim Floriano, 72 – cj. 97 04534-000São Paulo, SPtel: +55 11 3043 6900 fax: +55 11 3043 6999

San FranciscoOne Front Street, Suite 300San Francisco, CA 94111United Statestel: +1 415 395 4900fax: +1 415 955 1150

Shanghai25/F Tower 2 Plaza 661366 Nanjing Road (West)Jing An DistrictShanghai 200040China (PRC)tel: +86 21 6393 3333fax: +86 21 6288 2246

Singapore9 Raffles Place, #38-01 Repulic Plaza Singapore 048619tel: +65 6536 0606fax: +65 6533 2107

SydneyLevel 18, 400 George StreetSydney NSW 2000Australiatel: +61 2 9220 8777fax: +61 2 9220 8765

Tokyo3rd Floor, Prudential Tower2-13-10 Nagatacho, Chiyoda-kuTokyo 100-0014Japantel: +81 3 5501 9240fax: +81 3 5501 9211

Washington D.C.1801 K Street NW , Suite 1000Washington, DC 20006United Statestel: +1 202 719 5000fax: +1 202 719 5001

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Hotel Intelligence Report 2012 Seoul - JLL日本 ... Intelligence... · Hotel Intelligence Report • Market Insight Seoul • October 2012 •2 Market Summary Seoul, the capital