In Jeju, South Korea, five-star hotels are reducing room rates as a decline in visitors lowers occupancy rates. As of early 2023, room rates at prestigious hotels like Haevichi have dropped significantly, with some rooms selling for around 100,000 won (approximately $85 USD). Factors contributing to this include a 12.3% decrease in visitors during January and February, and Jeju's high travel costs, which are the highest among major South Korean cities. This trend has led to a closure of some accommodation facilities, and unless costs for flights, accommodations, and car rentals decrease, the visitor decline may continue.
