By Kim Tae-jong
Staff Reporter
Refusing to flinch in the face of a protracted economic slump, the nation's top hotels are opting to expand investments to get ahead of their rivals.
At the forefront of the pack gearing to upgrade their services is the JW Marriott Seoul. It will soon launch a full-scale renovation of its guestrooms and other facilities at a cost of $10 million.
``We know we are in the middle of bad economic conditions,'' Chris Lee, director of marketing at the hotel, said. ``But without decisive investments, we believe we cannot win in the fierce competition with our peers.''
Construction will begin in July with completion aimed for next February. The largest-scale renovation ever at the hotel includes the installation of high-tech TV sets, working desks and other modernized furniture.
``Of course we don't expect to recover what we will spend on the project quickly. But we believe the renovation will pay off in the long-term,'' Lee said.
Other hotels also plan to spend a large portion of their revenue on renovating guestrooms, public spaces and function rooms, all of which will benefit guests.
One of the most frequently renovated places at hotels seems to be in-house restaurants.
The Seoul Plaza Hotel has transformed two-existing restaurants on the second floor into new restaurants with new themes.
Last year, the hotel opened the all-day dining buffet restaurant Seven Square and the traditional Italian restaurant Tuscany after four months of renovations.
It spent 5 billion won ($5 million) last year on renovating the two restaurants and the banquet hall on the 22nd floor.
Renovation is not new to the hotel business as every hotel budgets a certain portion of revenue for it.
Local hotels' recent upgrades are in line to attract more guests.
The Grand InterContinental Seoul completed a two-year renovation of 518 guestrooms, and the COEX InterContinental Seoul has recently upgraded its banquet hall on the 30th floor.
The Millennium Seoul Hilton completed the renovation of 17 suites last year and plans to work on its banquet halls and other public areas over the next three years.
``We have installed state-of-the art facilities in the banquet hall with a new stylish interior,'' Soh Byung-gih, director of sales and marketing at the two InterContinenetal hotels here, said. ``It is to meet the needs of guests with high tastes.''