Seoul Dragon City sees 18% revenue increase in H1

A panoramic view of Seoul Dragon City.

Seoul Dragon City, a lifestyle hotel complex located in Yongsan, central Seoul, announced on Tuesday that its earnings for the first half of 2024 soared from a year ago.

The hotelplex reported a revenue of about 57.3 billion won ($42.7 million) in the first six months of this year, up 18 percent from the same period a year ago and an operating profit of 19.6 billion won, up 32 percent.

Room revenue surged by 21 percent, it said.

Seoul Dragon City attributes this growth to the recovery and expansion of business activities in South Korea, which led to an influx of Meetings, Incentives, Conferences, and Exhibitions (MICE) events hosted by corporations, government bodies, and academic organizations.

Additionally, the hotelplex successfully captured room demand driven by the expansion of international business activities.

The attraction of large incentive groups and K-pop fan meeting groups played a key role in boosting room sales. The hotel also secured a steady stream of foreign airline crew customers.