South Korean Hotels Expand into Senior Housing Industry
Creatrip Team
a year ago
Major hotel and resort companies in South Korea, including Mayfield Hotel and Daemyung Sono Group, are actively entering the senior housing market by establishing 'senior towns'. These businesses aim to capitalize on the stable revenue that the silver industry can provide due to the growing population of affluent seniors. Historically sensitive to market fluctuations, hotels seek to leverage their expertise in hospitality services in the development of these senior housing projects. The location for these new ventures, such as Mayfield Hotel School in Seoul, is considered optimal for the serene environment and beautiful landscaping it offers. Regulations on senior housing development have eased, further encouraging this trend. South Korea's senior housing market size is predicted to expand significantly from ₩72 trillion in 2020 to ₩168 trillion by 2030.
