Update Highlights
1. Updated Type Classification to Statutory Classification: adjusted the business registration information at MOIS, based on building ledgers and business ledgers.
- Before: Tourist Hotel, Other Hotel, Resodrt Condo, General Lodging, Residential Lodging, Rural Minbak, Urban Minbak, Other Lodging
- After: Tourist Hotel, Family Hotel, Traditional Hotel, Small Hotel, Hostel, Resort Condo, Yeogwan, Yeoinsuk, Residential Lodging, Rural Minbak, Urban Minbak, Other Lodging
2. Excluded Establishments without Required Details: excluded establishments without details such as address, type, room count, etc. from the database
- Before: 61,080 establishments (as of 2022)
- After: 54,737 establishments (as of 2022)
3. Improved Data Collection and Consolidation Algorithms: changed the validation mechanism from single-layer to multi-layer, enhancing accuracy of the outcome
- Single-layer: either accept or discard data sources collected, based on credibility evaluated through in-house matrix.
- Multi-layer: accept all data sources collected, while adjusting each based on the probability calculated from historical trends
4. Added 2024 Data: added supply, demand and price data as of 2024, extending the time horizon to 20 years
- Sources: Domestic Travellers Survey, International Tourists Survey, Hotel Operating Performance, scraping data
- Processing: colsolidate and adjust collected data through in-house algorithms, and estimate missing data points
5. Added New Data Items to Improve Market Visibility: added new data items such as openings, closings, establishment age, room revenue, ADR, RevPAR
- Before: Establishments, Rooms, Average Rooms, Rooms Available, Guests, Guests POR, Rooms Occupied, Occupancy
- After: Establishments, Establishment Age, Openings, Closings, Rooms, Average Rooms, Operating Days, Rooms Available, Guests, Guests POR, Rooms Occupied, Occupancy, Room Revenue, ADR, RevPAR
